Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Sep. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Registrant Name | Palantir Technologies Inc. | ||
Entity Central Index Key | 0001321655 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | ||
Trading Symbol | PLTR | ||
Security Exchange Name | NYSE | ||
Entity Public Float | $ 13.3 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,752,006,708 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 69,255,840 | ||
Common Class F [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,005,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Current assets: | |||
Cash and cash equivalents | $ 2,011,323 | $ 1,079,154 | |
Restricted cash | 37,285 | 52,099 | |
Accounts receivable | 156,932 | 50,315 | |
Prepaid expenses and other current assets | 51,889 | 32,585 | |
Total current assets | 2,257,429 | 1,214,153 | |
Property and equipment, net | 29,541 | 31,589 | |
Restricted cash, noncurrent | 79,538 | 270,709 | |
Operating lease right-of-use assets | 217,075 | ||
Other assets | 106,921 | 77,574 | |
Total assets | 2,690,504 | 1,594,025 | |
Current liabilities: | |||
Accounts payable | 16,358 | 51,735 | |
Accrued liabilities | 158,546 | 126,620 | |
Deferred revenue | [1] | 189,520 | 186,105 |
Customer deposits | 210,320 | 364,138 | |
Operating lease liabilities | 29,079 | ||
Total current liabilities | 603,823 | 728,598 | |
Deferred revenue, noncurrent | [1] | 50,525 | 77,030 |
Customer deposits, noncurrent | 81,513 | 167,538 | |
Debt, noncurrent, net | 197,977 | 396,065 | |
Operating lease liabilities, noncurrent | 229,800 | ||
Other noncurrent liabilities | 4,316 | 78,205 | |
Total liabilities | 1,167,954 | 1,447,436 | |
Commitments and Contingencies (Note 9) | |||
Stockholders' equity (deficit): | |||
Preferred stock | 0 | 0 | |
Common stock | 1,792 | 588 | |
Additional paid-in capital | 6,488,857 | 1,857,331 | |
Treasury stock | 0 | (38,895) | |
Accumulated other comprehensive loss | (2,745) | (703) | |
Accumulated deficit | (4,965,354) | (3,798,963) | |
Total stockholders' equity (deficit) | 1,522,550 | (1,980,642) | |
Total liabilities, redeemable convertible and convertible preferred stock, and stockholders' equity (deficit) | 2,690,504 | 1,594,025 | |
Redeemable Convertible Preferred Stock [Member] | |||
Temporary equity | |||
Convertible preferred stock | 0 | 33,569 | |
Nonredeemable Convertible Preferred Stock [Member] | |||
Temporary equity | |||
Convertible preferred stock | $ 0 | $ 2,093,662 | |
[1] | Deferred revenue as of December 31, 2020 and 2019 includes $68.2 million and $75.0 million, respectively, from Palantir Technologies Japan, K.K. See Note 6. Equity Method Investments, for more information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000,000 | 0 |
Preferred stock, shares issued | 2,000,000,000 | 0 |
Preferred stock, shares outstanding | 2,000,000,000 | 0 |
Common stock, shares authorized | 22,701,005,000 | 4,000,000,000 |
Common stock, shares issued | 1,792,139,544 | 587,889,687 |
Common stock, shares outstanding | 1,792,139,544 | 581,497,116 |
Treasury stock, shares | 0 | 6,392,571 |
Palantir Technologies Japan, K.K. [Member] | ||
Deferred revenue | $ 68.2 | $ 75 |
Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity, par value | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 0 | 35,002,700 |
Temporary equity, shares issued | 0 | 4,017,378 |
Temporary equity, shares outstanding | 0 | 4,017,378 |
Nonredeemable Convertible Preferred Stock [Member] | ||
Temporary equity, par value | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 0 | 877,442,966 |
Temporary equity, shares issued | 0 | 742,839,990 |
Temporary equity, shares outstanding | 0 | 742,839,990 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 20,000,000,000 | 2,200,000,000 |
Common stock, shares issued | 1,542,057,292 | 315,615,753 |
Common stock, shares outstanding | 1,542,057,292 | 309,223,182 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,700,000,000 | 1,800,000,000 |
Common stock, shares issued | 249,077,252 | 272,273,934 |
Common stock, shares outstanding | 249,077,252 | 272,273,934 |
Class F Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,005,000 | 0 |
Common stock, shares issued | 1,005,000 | 0 |
Common stock, shares outstanding | 1,005,000 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenue | $ 1,092,673 | $ 742,555 | $ 595,409 |
Cost of revenue | 352,547 | 242,373 | 165,401 |
Gross profit | 740,126 | 500,182 | 430,008 |
Operating expenses: | |||
Sales and marketing | 683,701 | 450,120 | 461,762 |
Research and development | 560,660 | 305,563 | 285,451 |
General and administrative | 669,444 | 320,943 | 306,235 |
Total operating expenses | 1,913,805 | 1,076,626 | 1,053,448 |
Loss from operations | (1,173,679) | (576,444) | (623,440) |
Interest income | 4,680 | 15,090 | 10,500 |
Interest expense | (14,139) | (3,061) | (3,440) |
Change in fair value of warrants | 811 | (3) | 48,093 |
Other income (expense), net | 3,300 | (2,853) | (2,638) |
Loss before provision (benefit) for income taxes | (1,179,027) | (567,271) | (570,925) |
Provision (benefit) for income taxes | (12,636) | 12,375 | 9,102 |
Net loss | (1,166,391) | (579,646) | (580,027) |
Net loss attributable to common stockholders | $ (1,166,391) | $ (588,127) | $ (598,125) |
Net loss per share attributable to common stockholders, basic | $ (1.19) | $ (1.02) | $ (1.11) |
Net loss per share attributable to common stockholders, diluted | $ (1.20) | $ (1.02) | $ (1.17) |
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, basic | 977,721,736 | 576,958,560 | 537,280,394 |
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, diluted | 979,330,067 | 576,958,560 | 544,014,393 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (1,166,391) | $ (579,646) | $ (580,027) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (2,042) | (1,465) | (1,045) |
Comprehensive loss | $ (1,168,433) | $ (581,111) | $ (581,072) |
Consolidated Statements of Rede
Consolidated Statements of Redeemable Convertible and Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Cumulative effect of Accounting Changes [Member] | Series H-1 Convertible Preferred Stock [Member] | Series F Convertible Stock [Member] | Series D Convertible Stock [Member] | Common Stock [Member] | Common Stock [Member]Series H-1 Convertible Preferred Stock [Member] | Common Stock [Member]Series F Convertible Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Cumulative effect of Accounting Changes [Member] | Additional Paid-in Capital [Member]Series H-1 Convertible Preferred Stock [Member] | Additional Paid-in Capital [Member]Series F Convertible Stock [Member] | Additional Paid-in Capital [Member]Series D Convertible Stock [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative effect of Accounting Changes [Member] | Redeemable Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member]Series H Redeemable Convertible Preferred Stock [Member] | Nonredeemable Convertible Preferred Stock [Member] | Nonredeemable Convertible Preferred Stock [Member]Series H-1 Convertible Preferred Stock [Member] | Nonredeemable Convertible Preferred Stock [Member]Series K Convertible Preferred Stock [Member] | Nonredeemable Convertible Preferred Stock [Member]Series H Redeemable Convertible Preferred Stock [Member] | Nonredeemable Convertible Preferred Stock [Member]Series F Convertible Stock [Member] | Nonredeemable Convertible Preferred Stock [Member]Series D Convertible Stock [Member] | Nonredeemable Convertible Preferred Stock [Member]Series D Convertible Stock [Member]Excercise Of Warrants [Member] | Nonredeemable Convertible Preferred Stock [Member]Series G Convertible Preferred Stock [Member] | Nonredeemable Convertible Preferred Stock [Member]Series C Convertible Stock [Member] | Nonredeemable Convertible Preferred Stock [Member]Series A Convertible Stock [Member] | Series D Convertible Preferred Stock [Member]Common Stock [Member] |
Temporary equity, beginning period, Shares at Dec. 31, 2017 | 25,947,422 | 740,934,057 | ||||||||||||||||||||||||||||
Temporary equity, beginning period at Dec. 31, 2017 | $ 154,065 | $ 2,073,171 | ||||||||||||||||||||||||||||
Balance at beginning period, Shares at Dec. 31, 2017 | 525,602,270 | |||||||||||||||||||||||||||||
Balance at beginning period at Dec. 31, 2017 | $ (1,501,562) | $ 561 | $ 1,402,261 | $ 4,973 | $ (259,315) | $ 1,807 | $ (2,646,876) | $ (4,973) | ||||||||||||||||||||||
Balance at beginning period, treasury shares at Dec. 31, 2017 | 35,288,149 | |||||||||||||||||||||||||||||
Issuance of Series C convertible preferred stock upon exercise of warrants, Shares | 1,910,919 | |||||||||||||||||||||||||||||
Forfeiture of Series K convertible preferred stock | $ (18) | |||||||||||||||||||||||||||||
Forfeiture of Series K convertible preferred stock, Shares | (1,604) | |||||||||||||||||||||||||||||
Repurchase of common stock, held in treasury, Shares | (1,348,649) | 1,348,649 | ||||||||||||||||||||||||||||
Repurchase of common stock, held in treasury | (7,706) | $ (7,706) | ||||||||||||||||||||||||||||
Sale of common stock, held in treasury | 96,480 | (21,920) | $ 118,400 | |||||||||||||||||||||||||||
Issuance of common stock from the exercise of stock options | 11,939 | $ 9 | 11,930 | |||||||||||||||||||||||||||
Issuance of common stock from the exercise of stock options, Shares | 9,084,070 | |||||||||||||||||||||||||||||
Conversion of convertible preferred stock to common stock, Shares | 30,000 | (30,000) | ||||||||||||||||||||||||||||
Conversion of convertible preferred stock to common stock | 92 | 92 | $ (92) | |||||||||||||||||||||||||||
Sale of common stock, held in treasury, Shares | 16,000,000 | (16,000,000) | ||||||||||||||||||||||||||||
Issuance of Series C convertible preferred stock upon exercise of warrants | $ 14,499 | |||||||||||||||||||||||||||||
Accretion of Series H redeemable convertible preferred stock to redemption value | (18,098) | (18,098) | $ 18,098 | |||||||||||||||||||||||||||
Stock-based compensation | 248,503 | 248,503 | ||||||||||||||||||||||||||||
Excess tax deficiency from stock-based compensation | (4) | (4) | ||||||||||||||||||||||||||||
Cumulative translation adjustment | (1,045) | (1,045) | ||||||||||||||||||||||||||||
Net loss | (580,027) | (580,027) | ||||||||||||||||||||||||||||
Balance at end of period, Shares at Dec. 31, 2018 | 549,367,691 | |||||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2018 | (1,751,428) | $ 12,525 | $ 570 | 1,627,737 | $ (34) | $ (148,621) | 762 | (3,231,876) | $ 12,559 | |||||||||||||||||||||
Temporary equity, ending period, Shares at Dec. 31, 2018 | 25,947,422 | 742,813,372 | ||||||||||||||||||||||||||||
Temporary equity, ending period at Dec. 31, 2018 | $ 172,163 | $ 2,087,560 | ||||||||||||||||||||||||||||
Balance at end of period, treasury shares at Dec. 31, 2018 | 20,636,798 | |||||||||||||||||||||||||||||
Issuance of Series H redeemable convertible preferred stock upon exercise of warrants, Shares | 2,949,002 | |||||||||||||||||||||||||||||
Issuance of Series H redeemable convertible preferred stock upon exercise of warrants | $ 26,069 | |||||||||||||||||||||||||||||
Repurchase of common stock, held in treasury, Shares | (2,339,520) | 2,339,520 | ||||||||||||||||||||||||||||
Repurchase of common stock, held in treasury | (11,202) | $ (11,202) | ||||||||||||||||||||||||||||
Sale of common stock, held in treasury | 100,000 | (20,928) | $ 120,928 | |||||||||||||||||||||||||||
Issuance of common stock from the exercise of stock options | 16,897 | $ 18 | 16,879 | |||||||||||||||||||||||||||
Issuance of common stock from the exercise of stock options, Shares | 17,845,120 | |||||||||||||||||||||||||||||
Reclassification of redeemable convertible preferred stock into convertible preferred stock upon expiration of redemption option, Shares | (2,015,798) | 2,015,798 | ||||||||||||||||||||||||||||
Repurchase of convertible preferred stock, Shares | (3,036,810) | (8,298) | (1,088) | |||||||||||||||||||||||||||
Repurchase of convertible preferred stock | $ (5,386) | $ (6) | ||||||||||||||||||||||||||||
Conversion of convertible preferred stock to common stock, Shares | 10,078 | (10,078) | (30,000) | 30,000 | ||||||||||||||||||||||||||
Conversion of convertible preferred stock to common stock | $ 20 | $ 24 | $ 20 | $ 24 | $ (20) | $ (24) | ||||||||||||||||||||||||
Issuance of common stock upon net exercise of common stock warrants, Shares | 1,097,094 | |||||||||||||||||||||||||||||
Issuance of common stock upon net exercise of common stock warrants | $ 7,375 | |||||||||||||||||||||||||||||
Stock issued during period | $ 7,500 | |||||||||||||||||||||||||||||
Stock issued during period, Shares | 1,068,376 | |||||||||||||||||||||||||||||
Reclassification of redeemable convertible preferred stock into convertible preferred stock upon expiration of redemption option | $ (4,163) | $ 4,163 | ||||||||||||||||||||||||||||
Redemption of redeemable convertible preferred stock, Shares | (23,931,624) | |||||||||||||||||||||||||||||
Redemption of redeemable convertible preferred stock | $ (168,000) | |||||||||||||||||||||||||||||
Sale of common stock, held in treasury, Shares | 16,583,747 | (16,583,747) | ||||||||||||||||||||||||||||
Distributed earnings attributable to participating securities | (8,481) | (8,481) | ||||||||||||||||||||||||||||
Stock-based compensation | 242,114 | 242,114 | ||||||||||||||||||||||||||||
Cumulative translation adjustment | (1,465) | (1,465) | ||||||||||||||||||||||||||||
Net loss | (579,646) | (579,646) | ||||||||||||||||||||||||||||
Balance at end of period, Shares at Dec. 31, 2019 | 581,497,116 | 6,392,571 | ||||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2019 | $ (1,980,642) | $ 588 | 1,857,331 | $ (38,895) | (703) | (3,798,963) | ||||||||||||||||||||||||
Temporary equity, ending period, Shares at Dec. 31, 2019 | 4,017,378 | 742,839,990 | ||||||||||||||||||||||||||||
Temporary equity, ending period at Dec. 31, 2019 | $ 33,569 | $ 2,093,662 | ||||||||||||||||||||||||||||
Balance at end of period, treasury shares at Dec. 31, 2019 | 6,392,571 | 6,392,571 | ||||||||||||||||||||||||||||
Repurchase of common stock, held in treasury, Shares | (808,201) | 808,201 | ||||||||||||||||||||||||||||
Repurchase of common stock, held in treasury | $ (3,777) | $ (3,777) | ||||||||||||||||||||||||||||
Issuance of common stock from the exercise of stock options | $ 298,829 | $ 120 | 298,709 | |||||||||||||||||||||||||||
Issuance of common stock from the exercise of stock options, Shares | 120,617,527 | 120,617,527 | ||||||||||||||||||||||||||||
Retirement of treasury stock, Shares | (7,200,772) | |||||||||||||||||||||||||||||
Retirement of treasury stock | $ (7) | (42,665) | $ 42,672 | |||||||||||||||||||||||||||
Conversion of convertible preferred stock to common stock, Shares | 793,725,807 | 28,490 | (745,312,799) | (28,490) | ||||||||||||||||||||||||||
Conversion of convertible preferred stock to common stock | $ 2,105,319 | $ 100 | $ 794 | 2,104,525 | $ 100 | $ (2,105,319) | $ (100) | |||||||||||||||||||||||
Conversion of redeemable convertible preferred stock to common stock | 33,569 | $ 4 | 33,565 | $ (33,569) | ||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock to common stock, Shares | 4,017,378 | (4,017,378) | ||||||||||||||||||||||||||||
Issuance of common stock upon net exercise of common stock warrants, Shares | 7,631,329 | 2,380,034 | ||||||||||||||||||||||||||||
Issuance of common stock upon net exercise of common stock warrants | $ 8 | (8) | $ 10,810 | |||||||||||||||||||||||||||
Stock issued during period | 942,529 | $ 207 | 942,322 | $ 947 | ||||||||||||||||||||||||||
Stock issued during period, Shares | 206,500,523 | 121,265 | ||||||||||||||||||||||||||||
Conversion of preferred stock warrants to common stock warrants | 31,007 | 31,007 | ||||||||||||||||||||||||||||
Settlement of employee loan accounted for as a modification to stock option (Value) | (205) | $ (4) | (201) | |||||||||||||||||||||||||||
Other comprehensive income | (2,042) | (2,042) | ||||||||||||||||||||||||||||
Issuance of common stock upon settlement of restricted stock units ("RSUs"), Shares | 82,429,575 | |||||||||||||||||||||||||||||
Issuance of common stock upon settlement of restricted stock units ("RSUs") | $ 82 | (82) | ||||||||||||||||||||||||||||
Stock-based compensation | 1,264,254 | 1,264,254 | ||||||||||||||||||||||||||||
Settlement of employee loan accounted for as a modification to stock option (Shares) | (3,500,000) | |||||||||||||||||||||||||||||
Net loss | (1,166,391) | (1,166,391) | ||||||||||||||||||||||||||||
Balance at end of period, Shares at Dec. 31, 2020 | 1,792,139,544 | |||||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2020 | $ 1,522,550 | $ 1,792 | $ 6,488,857 | $ (2,745) | $ (4,965,354) | |||||||||||||||||||||||||
Temporary equity, ending period, Shares at Dec. 31, 2020 | 0 | 0 | ||||||||||||||||||||||||||||
Temporary equity, ending period at Dec. 31, 2020 | $ 0 | $ 0 | ||||||||||||||||||||||||||||
Balance at end of period, treasury shares at Dec. 31, 2020 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net loss | $ (1,166,391) | $ (579,646) | $ (580,027) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 13,871 | 12,255 | 13,910 |
Stock-based compensation | 1,270,702 | 241,970 | 248,503 |
Change in fair value of warrants | (811) | 3 | (48,093) |
Impairment of assets | 674 | 23,407 | 23,700 |
Non-cash operating lease expense | 35,049 | 0 | 0 |
Other operating activities | 4,417 | 2,769 | 420 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (108,476) | (23,905) | (10,483) |
Prepaid expenses and other current assets | (18,565) | 18,806 | (19,361) |
Other assets | (28,990) | (29,447) | (3,424) |
Accounts payable | (34,681) | 23,424 | 10,968 |
Accrued liabilities | 38,505 | 3,733 | 26,424 |
Deferred revenue, current and noncurrent | (30,905) | (134,396) | 173,744 |
Customer deposits, current and noncurrent | (230,873) | 279,226 | 126,028 |
Operating lease liability, current and noncurrent | (43,639) | 0 | 0 |
Deferred rent | 0 | (3,414) | (1,321) |
Other noncurrent liabilities | 3,505 | 0 | 0 |
Net cash used in operating activities | (296,608) | (165,215) | (39,012) |
Investing activities | |||
Purchases of property and equipment | (12,236) | (13,096) | (13,004) |
Purchase of assets held for sale | 0 | 0 | (2,400) |
Proceeds from the sale of assets held for sale | 250 | 0 | 8,620 |
Purchase of equity method investment | (2,934) | (25,868) | 0 |
Return of capital from equity method investment | 0 | 17,000 | 0 |
Net cash used in investing activities | (14,920) | (21,964) | (6,784) |
Financing activities | |||
Proceeds from the issuance of common stock, net of issuance costs | 942,529 | 100,000 | 96,480 |
Proceeds from issuance of debt, net of issuance costs | 199,369 | 544,413 | 0 |
Principal payments on borrowings | (400,000) | (150,000) | (56,491) |
Proceeds from the exercise of common stock options | 298,829 | 16,897 | 12,671 |
Repurchase of common stock | (3,777) | (11,202) | (7,706) |
Proceeds from the sale of redeemable convertible preferred stock | 0 | 7,500 | 0 |
Redemption of redeemable convertible preferred stock | 0 | (168,000) | 0 |
Repurchase of convertible preferred stock | 0 | (13,873) | 0 |
Other financing activities | (497) | (1,202) | 1,200 |
Net cash provided by financing activities | 1,036,453 | 324,533 | 46,154 |
Effect of foreign exchange on cash, cash equivalents, and restricted cash | 1,259 | (2,227) | (3,703) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 726,184 | 135,127 | (3,345) |
Cash, cash equivalents, and restricted cash - beginning of period | 1,401,962 | 1,266,835 | 1,270,180 |
Cash, cash equivalents, and restricted cash - end of period | 2,128,146 | 1,401,962 | 1,266,835 |
Supplemental disclosures of cash flow information: | |||
Cash paid for income taxes | 14,283 | 8,579 | 17,098 |
Cash paid for interest | 11,432 | 2,710 | 2,438 |
Supplemental disclosures of non-cash investing and financing information: | |||
Accretion of redeemable convertible preferred stock to redemption value | 0 | 0 | 18,098 |
Convertible Preferred Stock [Member] | |||
Supplemental disclosures of non-cash investing and financing information: | |||
Conversion of stock | 10,810 | 7,375 | 14,499 |
Redeemable Convertible Preferred Stock [Member] | |||
Supplemental disclosures of non-cash investing and financing information: | |||
Conversion of stock | 0 | 26,069 | 0 |
Conversion of Redeemable Convertible Preferred Stock into Convertible Preferred Stock [Member] | |||
Supplemental disclosures of non-cash investing and financing information: | |||
Conversion of stock | 0 | 4,163 | 0 |
Conversion of Redeemable Convertible Preferred Stock to Common Stock [Member] | |||
Supplemental disclosures of non-cash investing and financing information: | |||
Conversion of stock | 2,138,988 | 0 | 0 |
Conversion Of Convertible Preferred Stock Warrants Into Common Stock Warrants [Member] | |||
Supplemental disclosures of non-cash investing and financing information: | |||
Conversion of stock | $ 31,007 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Palantir Technologies Inc. (including its subsidiaries, “Palantir” or “the Company”) was incorporated in Delaware on May 6, 2003. The Company builds and deploys software platforms, Palantir Gotham and Palantir Foundry, that serve as the central operating systems for its customers. Direct Listing On September 30, 2020, the Company completed a direct listing of its Class A common stock on the New York Stock Exchange (“NYSE”) (the “Direct Listing”). In connection with the Direct Listing, on September 22, 2020, the Company filed an amended and restated certificate of incorporation, which became effective on that date. The amended and restated certificate of incorporation authorized the issuance of a total of 20,000,000,000 shares of Class A common stock and 2,700,000,000 shares of Class B common stock, authorized 1,005,000 shares of a new class of common stock (“Class F common stock”) and 2,000,000,000 shares of undesignated preferred stock. In connection with the Direct Listing, Alexander Karp, Stephen Cohen, and Peter Thiel (the “Founders”) each transferred 335,000 shares of their Class B common stock to a voting trust, which were then exchanged for an equivalent number of Class F common stock. Immediately prior to the filing of the amended and restated certificate of incorporation, all outstanding shares of redeemable convertible preferred stock and convertible preferred stock were converted into 797,743,185 shares of the Company’s Class B common stock, and all of the Company’s outstanding preferred stock warrants were converted into common stock warrants, which resulted in the reclassification of the warrants liability to additional paid-in Furthermore, upon the occurrence of the Direct Listing, the Company determined that the performance-based vesting condition was satisfied for 68,149,214 RSUs, which resulted in the issuance of an equivalent number of shares of Class A common stock. See further discussion in Note 12. Stock-Based Compensation |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting. The accompanying consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over the investee, but not control, are accounted for using the equity method of accounting. For such investments, the share of the investee’s results of operations is included as a component of other income (expense), net in the consolidated statements of operations and the investment balance is included in other assets and classified as noncurrent in the consolidated balance sheets. The Company’s fiscal year ends on December 31. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying consolidated financial statements include, but are not limited to, identification of performance obligations in customer contracts, the fair value of common stock and other assumptions used to measure stock-based compensation, the fair value of warrants, the valuation of deferred tax assets and uncertain tax positions, collectability of accounts receivable, useful lives of tangible assets and the incremental borrowing rate for operating leases. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations. Segments The Company has two operating segments, commercial and government, which were determined based on the manner in which the chief operating decision maker (“CODM”), who is the chief executive officer, manages the operations of the Company for purposes of allocating resources and evaluating performance. Various factors, including the Company’s organizational and management reporting structure and customer type, were considered in determining these operating segments. The Company’s operating segments are described below: • Commercial non-government • Government non-U.S. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents consists of amounts invested in money market funds. Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows (in thousands): As of December 31, 2020 2019 2018 Cash and cash equivalents $ 2,011,323 $ 1,079,154 $ 1,116,342 Restricted cash 37,285 52,099 10,484 Restricted cash, noncurrent 79,538 270,709 140,009 Total cash, cash equivalents, and restricted cash $ 2,128,146 $ 1,401,962 $ 1,266,835 Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses, if any. The Company generally grants non-collateralized COVID-19 written-off Concentrations of Credit Risk and Other Concentrations Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, and accounts receivable. Cash equivalents consist of money market funds with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the consolidated balance sheets. The Company’s accounts receivable balance as of December 31, 2020 and 2019 was $156.9 million and $50.3 million, respectively. Customer G represented 13% of total accounts receivable as of December 31, 2020. Customers A and C represented 38% and 21% of total accounts receivable as of December 31, 2019, respectively. No other customer represented more than 10% of total accounts receivable as of December 31, 2020 and 2019. The Company seeks to mitigate its credit risk with respect to accounts receivable by contracting with large commercial customers and government agencies and regularly monitoring the aging of accounts receivable balances. As of December 31, 2020 and 2019, the Company had not experienced any significant losses on its accounts receivable. For the year ended December 31, 2020, Customer F, which is in the government operating segment, represented 10% of total revenue. For the years ended December 31, 2019 and 2018, Customer D, which is in the commercial operating segment, represented 12%, and 15% of total revenue, respectively. No other customer represented more than 10% of total revenue for the years ended December 31, 2020, 2019 and 2018. The Company relies on the technology, infrastructure, and software applications, including software-as-a-service Assets Held for Sale Assets are classified as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use and when all of the following criteria have been met: (i) management commits to a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, (iii) the asset is being actively marketed for sale at or near its current fair value, (iv) significant changes to the plan of sale are unlikely, and (v) the sale of the asset is probable within one year. Upon classification as held for sale, long-lived assets are not depreciated, and the Company evaluates the assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the fair value less costs to sell are less than the carrying amount. If such assets are considered to be impaired, the Company records an impairment loss for the amount of the excess of carrying value over the fair value less costs to sell as general and administrative expense in the consolidated statements of operations. See Note 4. Fair Value Measurements Property and Equipment, Net Property and equipment, net are stated at cost less accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the respective assets, which are generally three years. Leasehold improvements are capitalized and amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life, which is generally five years. Maintenance and repairs that do not improve or extend the useful lives of the assets are expensed when incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation and amortization are derecognized from the consolidated balance sheet and any resulting gain or loss is recorded in the consolidated statements of operations in the period realized. Equity Method Investments In general, nonconsolidated investments in which the Company owns 20% to 50% of the affiliate’s equity and has the ability to exercise significant influence but does not control are accounted for under the equity method. In making this determination, the Company first considers whether it has a direct or indirect controlling financial interest based on either the variable interest entity (“VIE”) model or the voting interest entity (“VOE”) model. The Company adjusts the carrying value of its investment by its proportionate share of the net earnings or losses of the investee, adjustments for unrealized profits or losses on intra-entity transactions, impairment charges, dividends received, additional capital investments, and the amortization of basis differences during the respective reporting period. The Company’s proportionate share of the net earnings or loss of its equity method investment is based on the most recently available financial statements of the investee and is reflected as a component of other income (expense), net in the consolidated statements of operations. The income tax benefit or expense related to the Company’s interest in the net earnings or loss of the equity method investee is reported in the consolidated provision (benefit) for income taxes. The Company reviews the investments for impairment whenever factors indicate that the carrying amount of the investment might not be recoverable. In such a case, the decrease in value is recognized in the period the impairment occurs in the consolidated statements of operations. No impairment charge was recognized during the years ended December 31, 2020, 2019 and 2018. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset to the future net undiscounted cash flows that the asset is expected to generate. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. There was no impairment of long-lived assets recognized during the years ended December 31, 2020, 2019 and 2018. Leases The Company adopted the Accounting Standard Update (“ASU”) 2016-02, Leases, 2016-02 Recently Adopted Accounting Pronouncements The Company determines if an arrangement is a lease at inception. An arrangement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use The Company has lease agreements with lease and non-lease Operating leases are included in operating lease right-of-use non-current Lease accounting prior to the adoption of ASC 842 For operating leases, the Company recorded rent expense on a straight-line basis over the noncancelable lease term and recorded the difference between the rent paid and the recognition of rent expense as a deferred rent asset or liability. Rent escalation, rent abatement, or other concessions, such as rent holidays, and landlord or tenant incentives or allowances, were recorded as deferred rent and amortized over the remaining lease term. Warrants Warrants to purchase shares of redeemable convertible and convertible preferred stock (collectively, the “preferred stock warrants”) were freestanding financial instruments classified as other noncurrent liabilities on the Company’s consolidated balance sheets as the underlying securities were redeemable or contingently redeemable upon the occurrence of events which were outside of the Company’s control. The preferred stock warrants were recorded at their respective fair values upon issuance and were subject to re-measurement paid-in Treasury Stock Repurchased treasury stock is recorded at cost. When treasury stock is resold at a price different than its historical acquisition cost, the difference is recorded as a component of additional paid-in Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. The Company measures fair value based on a three-level hierarchy of inputs, maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. A financial instrument’s level within the three-level hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three-level hierarchy of inputs is as follows: Level 1 Level 2 Level 3 Financial instruments consist of cash equivalents, restricted cash, accounts receivable, other assets accounted for at fair value, accounts payable, accrued liabilities, and the warrants liability. Cash equivalents, restricted cash, assets held for sale, and the warrants liability are stated at fair value on a recurring basis. Accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The carrying amount of the Company’s outstanding debt approximates the fair value as the debt bears a floating rate that approximates the market interest rate. Revenue Recognition The Company generates revenue from the sale of subscriptions to access the software in the Company’s hosted environment with ongoing operations and maintenance (“O&M”) services (“Palantir Cloud”), software licenses, primarily term licenses in the customers’ environments, with ongoing O&M services (“On-Premises In accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers • Identification of the contract(s) with the customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies a performance obligation. Each of the Company’s significant performance obligations and the Company’s application of ASC 606 to its revenue arrangements is discussed in further detail below. Palantir Cloud The Company’s Palantir Cloud subscriptions grant customers the right to access the software functionality in a hosted environment controlled by Palantir and are sold together with stand-ready O&M services, as further described below. The Company promises to provide continuous access to the hosted software throughout the contract term. Revenue associated with Palantir Cloud subscriptions is recognized over the contract term on a ratable basis, which is consistent with the transfer of control of the Palantir Cloud subscription to the customer. On-Premises Sales of the Company’s software licenses, primarily term licenses, grant customers the right to use functional intellectual property, either on their internal hardware infrastructure or on their own cloud instance, over the contractual term and are also sold together with stand-ready O&M services. The O&M services include critical updates, support, and maintenance services required to operate the software and, as such, are necessary for the software to maintain its intended utility over the contractual term. Because of this requirement, the Company has concluded that the software licenses and O&M services, which together the Company refers to it as its On-Premises Professional Services The Company’s professional services support the customers’ use of the software and include, as needed, on-demand on-demand On-Premises on-demand, Contract Balances The timing of customer billing and payment relative to the start of the service period varies from contract to contract; however, the Company bills many of its customers in advance of the provision of services under its contracts, resulting in contract liabilities consisting of either deferred revenue or customer deposits (“contract liabilities”). Deferred revenue represents billings under noncancelable contracts before the related product or service is transferred to the customer. Customer deposits consist of payments received in advance of the start of the contractual term or for anticipated revenue generating activities for the portion of a contract term that is subject to cancellation and refund. The Company’s arrangements generally include terms that allow the customer to terminate the contract for convenience and receive a pro-rata The payment terms and conditions vary by contract; however, the Company’s terms generally require payment within 30 to 60 days from the invoice date. In instances where the timing of revenue recognition differs from the timing of payment, the Company elected to apply the practical expedient in accordance with ASC 606 to not adjust contract consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when promised goods and services are transferred to the customer and when the customer pays for those goods and services will be one year or less. As such, the Company determined its contracts do not generally contain a significant financing component. Areas of Judgment and Estimation The Company’s contracts with customers can include multiple promises to transfer goods or services to the customer. Determining whether promises are distinct performance obligations that should be accounted for separately – or not distinct within the context of the contract and, thus, accounted for together – requires significant judgment. The Company concluded that the promise to provide a software license is highly interdependent and interrelated with the promise to provide O&M services and such promises are not distinct within the context of its contracts and are accounted for as a single performance obligation as the Company’s On-Premises Additionally, the pricing of the Company’s contracts is generally fixed; however, it is possible for contracts to include variable consideration in the form of performance bonuses, which can be based on subjective or objective criteria. The Company includes the estimated amount of variable consideration that it expects to receive to the extent it is probable that a significant revenue reversal will not occur. Any amounts received in the form of performance bonuses were not material in the periods presented. Costs to Obtain and Fulfill Contracts Incremental costs of obtaining a contract include only those costs that are directly related to the acquisition of contracts, including sales commissions, and that would not have been incurred if the contract had not been obtained. The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it is expected that the economic benefit and amortization period will be longer than one year. Costs to obtain contracts were not material in the periods presented. The Company recognizes an asset for the costs to fulfill a contract with a customer if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. Costs to fulfill contracts were not material in the periods presented. Deferred Revenue Deferred revenue represents billings under noncancelable contracts before the related product or service is transferred to the customer. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as deferred revenue and the remaining portion is recorded as deferred revenue, noncurrent. Customer Deposits Customer deposits consist of payments received for anticipated revenue generating activities in advance of the start of the contractual term or for the portion of a contract term that is subject to cancellation and refund. The portion of customer deposits that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as customer deposits and the remaining portion is recorded as customer deposits, noncurrent. Cost of Revenue Cost of revenue primarily includes salaries, stock-based compensation expense, and benefits for personnel involved in performing O&M and professional services, as well as third-party cloud hosting services, allocated overhead, and other direct costs. Software Development Costs The Company evaluates capitalization of certain software development costs subsequent to the establishment of technological feasibility. Based on the Company’s product development process and substantial development risks, technological feasibility is established for the Company’s products when they are made available for general release. Accordingly, the Company has charged all such costs to research and development expense in the period incurred. Sales and Marketing Costs Sales and marketing costs primarily include salaries, stock-based compensation expense, and benefits for personnel involved in executing on pilots and performing other brand building activities, as well as third-party cloud hosting services for our pilots, marketing and sales event-related costs, and allocated overhead. The Company generally charges all such costs to sales and marketing expense in the period incurred. Research and Development Costs Research and development costs primarily include salaries, stock-based compensation expense, and benefits for personnel involved in performing the activities to develop and improve the Company’s platforms, as well as third-party cloud hosting services, and allocated overhead. Research and development costs are expensed as incurred. Commitments and Contingencies Liabilities for loss contingencies arising from claims, disputes, legal proceedings, fines and penalties, and other sources are recorded when it is probable that a liability has been or will be incurred and the amount of the liability can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Recoveries of such legal costs from insurance policies are recorded as an offset to legal expenses in the period they are received. Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of GAAP, which require compensation cost for the grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company determines the fair value of stock-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. Service-Based Vesting The Company grants stock option awards and RSUs, that vest only based upon the satisfaction of a service condition. For stock option awards, the Company uses the Black-Scholes option pricing model to determine the fair value of the stock options granted. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the expected term of the option, the expected volatility of the price of the common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. For RSUs, the Company determines the grant-date fair value of the RSUs as the fair value of the Company’s common stock on the grant date. The Company records stock-based compensation expense for stock options and RSUs that vest only based upon the satisfaction of a service condition on a straight-line basis over the requisite service period, which is generally four years. The Company recognizes forfeitures as they occur. Performance-Based Vesting The Company grants awards, including RSUs and “growth units,” that vest upon the satisfaction of both a service condition and a performance condition. The performance-based vesting condition for the RSUs granted prior to the Company’s Direct Listing was satisfied upon the occurrence of the Direct Listing. The service-based vesting period for growth units has been satisfied for all growth units outstanding as of December 31, 2019. The performance-based vesting condition will be satisfied if the recipient remains a service provider through the 180-day Employee Benefit Plan The Company sponsors a 401(k) tax-deferred post-tax Income Taxes The Company estimates its current tax expense together with assessing temporary differences resulting from differing treatment of items not currently deductible for tax purposes. These differences result in deferred tax assets and liabilities on the Company’s consolidated balance sheets, which are estimated based upon the difference between the financial statement and tax bases of assets and liabilities using the enacted tax rates that will be in effect when these differences reverse. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s consolidated statements of operations become deductible expenses under applicable income tax laws or loss or credit carryforwards are utilized. Accordingly, the realization of the Company’s deferred tax assets are dependent on future taxable income against which these deductions, losses, and credits can be utilized. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance when it is more likely than not that a future benefit on such deferred tax assets will not be realized. Changes in the valuation allowance, when recorded, would be included in the Company’s consolidated statements of operations. Management’s judgment is required in determining the Company’s valuation allowance recorded against its net deferred tax assets. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in its provision (benefit) for income taxes. On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (“Tax Act”). The Tax Act includes significant changes to the U.S. corporate income tax system including: a federal corporate rate reduction from 35% to 21%; limitations on the deductibility of interest expense; creation of new minimum taxes, such as the base erosion anti-abuse tax (“BEAT”) and Global Intangible Low-Taxed Net Loss Per Share Attributable to Common Stockholders The Company computes net loss per share attributable to its common stockholders using the two-class two-class The rights, including the liquidation and dividend rights, of the holders of Class A, Class B, and Class F common stock (collectively, the “common stock”) are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share will, therefore, be the same for all classes of common stock on an individual or combined basis. As such, the Company has presented the net loss attributed to its common stock on a combined basis. Foreign Currency Generally the functional currency of the Company’s international subsidiaries is the local currency of the country in which they operate. The Company translates the assets and liabilities of its non-U.S. For transactions that are not denominated in the local functional currency, the Company remeasures monetary assets and liabilities at exchange rates in effect at the end of each reporting period. Transaction gains and losses from the remeasurement are recognized in other income (expense), net within the consolidated statements of operations. Recently Adopted Accounting Pronouncements Under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, emerging growth companies (“EGC”) can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company elected to retain the ability to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. The Company lost its emerging growth company status on December 31, 2020 as its annual gross revenue exceeded the EGC revenue criteria of $1.07 billion. As such the Company became subject to new accounting pronouncement effective dates for non-EGC’s The Company adopted the following accounting standards during the year ended December 31, 2020: ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. 2018-13 Note 4. Fair Value Measurements ASU 2016-02, Leases (Topic 842). non-current ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use 350-40): internal-use 350-40 ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Contract Balances The Company’s contract liabilities consist of deferred revenue and customer deposits. The changes in the Company’s contract liabilities were as follows (in thousands): Contract liabilities as of January 1, 2019 $ 657,112 Billings and other (1)(2) 898,254 Revenue recognized (742,555) Refunds accrued or paid to customers (18,000) Contract liabilities as of December 31, 2019 794,811 Billings and other (2) 839,740 Revenue recognized (1,092,673) Refunds accrued or paid to customers (10,000) Contract liabilities as of December 31, 2020 $ 531,878 (1) Note 6 . (2) Remaining Performance Obligations The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company generally allows its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation. The Company’s remaining performance obligations were $597.4 million as of December 31, 2020, of which the Company expects to recognize approximately 54% as revenue over the next twelve months. Disaggregation of Revenue See Note 15. Segment and Geographic Information |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring and nonrecurring basis and indicates the fair value hierarchy of the valuation (in thousands): As of December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 1,075,783 $ 1,075,783 $ — $ — Restricted cash: Certificates of deposit 74,097 — 74,097 — Total $ 1,149,880 $ 1,075,783 $ 74,097 $ — As of December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 650,498 $ 650,498 $ — $ — Restricted cash: Certificates of deposit 102,904 — 102,904 — Prepaid expenses and other current assets: Assets held for sale 980 — — 980 Total $ 754,382 $ 650,498 $ 102,904 $ 980 Liabilities: Warrants liability $ 42,628 $ — $ — $ 42,628 Total $ 42,628 $ — $ — $ 42,628 Certificates of Deposit The Company’s Level 2 instruments consist of restricted cash invested in certificates of deposit. The fair value of such instruments is estimated based on valuations obtained from third-party pricing services that utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable either directly or indirectly. These inputs include interest rate curves, foreign exchange rates, and credit ratings. Gross unrealized gains or losses for cash equivalents as of December 31, 2020 and 2019 were not material. Assets Held for Sale The fair value of assets held for sale were determined based on the Company’s best estimate of fair market value considering the limited market conditions for the assets, recent comparable sales, the age and condition of the assets, current demand, including letters of intent for the sale of the assets, and the views of informed industry sources and third-party specialists. In determining the fair market value of the assets at December 31, 2019, the Company considered a letter of intent it executed with a prospective buyer during November 2019 and its costs to sell the assets. As a result, an impairment charge for the excess of carrying value over the fair value less costs to sell was recorded as general and administrative expense in the consolidated statements of operations. All assets held for sale were sold as of December 31, 2020. The following table sets forth a summary of the changes in the estimated fair value of the Company’s assets held for sale (in thousands): Balance as of December 31, 2018 $ 24,008 Impairment of assets held for sale (23,407) Foreign currency adjustments 379 Balance as of December 31, 2019 $ 980 Sale of assets held for sale (250) Impairment of assets held for sale (674) Foreign currency adjustments (56) Balance as of December 31, 2020 $ — Warrants Liability In connection with the completion of the Company’s Direct Listing, paid-in paid-in For the year ended December 31, 2019, the warrants liability was included in other noncurrent liabilities in the consolidated balance sheet and the fair value of the warrant liability was estimated using a combination of an option-pricing model and a Monte Carlo simulation model with equal weighting applied to both models in determining the fair values. These models considered many assumptions, including the likelihood of various potential liquidity events, the nature and timing of such potential events, actions taken with regard to the warrants at expiration, as well as discounts for lack of marketability of the underlying securities and warrants. The assumptions used to calculate the warrants liability as of September 29, 2020, the date immediately before the Direct Listing, and December 31, 2019 were as follows: September 29, December 31, 2020 2019 Discounts for lack of marketability — 20.0% - 28.0 % Fair value of underlying securities $9.50 $6.81 - $8.04 Expected volatility 66.0 % 66.0 % Dividend rate — — Risk-free interest rate 0.1 % 1.3 % The following table sets forth a summary of the changes in the estimated fair value of the Company’s warrants liability (in thousands): Balance as of December 31, 2018 $ 76,069 Net exercises in the period (33,444) Change in fair value of warrants 3 Balance as of December 31, 2019 $ 42,628 Net exercises in the period (10,810) Change in fair value of warrants (811) Reclassification to additional paid-in (31,007) Balance as of December 31, 2020 $ — |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of December 31, 2020 2019 Leasehold improvements $ 85,196 $ 93,530 Computer equipment, software, and other 22,275 32,757 Furniture and fixtures 9,976 10,753 Construction in progress 493 3,161 Total property and equipment, gross 117,940 140,201 Less: accumulated depreciation and amortization (88,399) (108,612) Total property and equipment, net $ 29,541 $ 31,589 Depreciation and amortization expense related to property and equipment, net was $13.9 million, $12.2 million, and $13.8 million for the years ended December 31, 2020, 2019, and 2018, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of December 31, 2020 2019 Accrued payroll and related expenses $ 85,466 $ 31,355 Accrued other liabilities 73,080 95,265 Total accrued liabilities $ 158,546 $ 126,620 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | 6. Equity Method Investments Palantir Technologies Japan, K.K. During November 2019, the Company and SOMPO Holdings, Inc. (“SOMPO”) created a Japanese Kabushiki Kaisha (“K.K.”), Palantir Technologies Japan, K.K. (“Palantir Japan”) to distribute Palantir platforms to the Japanese market. Upon closing of the transaction with SOMPO, the Company purchased a total of 100,000 shares of Palantir Japan common stock for $25.0 million. The shares the Company received in exchange represent a 50% voting interest in Palantir Japan. The remaining 50% of the voting interest is held by SOMPO. The Company’s investment in Palantir Japan is accounted for as an equity method investment as the Company is able to exercise significant influence over, but does not control, the investee. The Company recorded a $25.9 million initial investment in Palantir Japan, of which $0.9 million was related to direct costs incurred in connection with the transaction. The Company’s 50% share of profits or losses generated from Palantir Japan are reported on a quarter lag. The Company recorded $1.7 million share of losses during the year ended December 31, 2020. Concurrently with the formation of Palantir Japan, the Company entered into a ten-year non-transferable In connection with the license rights sold to Palantir Japan, the Company recorded the receipt of the $25.0 million in deferred revenue which will be recognized over the term of the agreement. The Company recorded the $50.0 million service credit in deferred revenue, which will be utilized on an as-needed |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt 2014 Credit Facility In October 2014, the Company entered into an unsecured revolving credit facility which has been subsequently amended (the “2014 Credit Facility”). The 2014 Credit Facility bears interest at the London Interbank Offered Rate (“LIBOR”) plus a margin of 2.75% per annum, subject to certain adjustments, and incurs a commitment fee of 0.375% assessed on the daily average undrawn portion of revolving commitments. Interest and commitment fees are payable at the end of an interest period or at each three-month interval if the interest period is longer than three months. In December 2019, the Company drew down the $150.0 million term loan and $150.0 million under the existing revolving credit facility. The term loan portion of the 2014 Credit Facility was fully repaid and terminated, and the $150.0 million revolving credit facility remained outstanding as of December 31, 2019. In June 2020, the Company amended the 2014 Credit Facility to include a new $150.0 million term loan, extend the maturity date to June 4, 2023, and add an additional lender. Additionally, this amendment increased the minimum liquidity required to be maintained and provided the Company with an option to increase the total commitments by up to an additional $200.0 million, subject to the lenders’ approval. All other terms and conditions remained substantially the same upon the effectiveness of the amendment. Upon entering into this amendment, the Company drew down the total available term loan commitment of $150.0 million. In July 2020, the Company entered into another amendment to the 2014 Credit Facility, which added an additional lender and provided for an increase of $50.0 million to the revolving credit facility and a $50.0 million term loan. The incremental commitments were provided under the same terms as the existing commitments under the 2014 Credit Facility. During July 2020, the Company drew down the additional available term loan of $50.0 million and repaid the $150.0 million outstanding revolving credit facility. As of December 31, 2020, the Company had $200.0 million of term loans outstanding under the 2014 Credit Facility and an additional $200.0 million undrawn revolving credit facility available. The 2014 Credit Facility is secured with substantially all of the Company’s assets. The 2014 Credit Facility contains customary representations and warranties, and certain financial and nonfinancial covenants, including but not limited to maintaining minimum liquidity of $50.0 million, and certain limitations on liens and indebtedness. The Company was in compliance with all covenants associated with the 2014 Credit Facility as of December 31, 2020. 2019 Credit Facility On December 31, 2019, the Company entered into a senior secured revolving credit facility (the “2019 Credit Facility”) with a second lender. The 2019 Credit Facility allowed for the drawdown of up to $250.0 million. Amounts outstanding under the 2019 Credit Facility incurred interest at LIBOR plus a margin of 2.0% per annum, subject to certain adjustments. Interest was payable at the end of an interest period or at each three-month interval if the interest period was longer than three months. The 2019 Credit Facility also required the Company to maintain 50% of the aggregate revolving commitment in a specified collateral account, which was reported in restricted cash, noncurrent on the consolidated balance sheets. As of December 31, 2019, the Company had $250.0 million outstanding and elected to incur interest at three-month LIBOR plus 2.0%. In June 2020, the outstanding balance was fully repaid and the 2019 Credit Facility was terminated, which released all restrictions on the cash collateral. The Company’s outstanding debt consisted of the following as of December 31, 2020 and 2019 (in thousands): As of December 31, 2020 2019 Principal amount $ 200,000 $ 400,000 Unamortized discount (2,023) (3,935) Carrying value of debt $ 197,977 $ 396,065 Future minimum payments of principal on the Company’s outstanding debt as of December 31, 2020 were as follows (in thousands): 2021 $ — 2022 — 2023 200,000 Total payments $ 200,000 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 8. Leases The Company has operating leases primarily for corporate office space, and equipment. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The Company’s leases have remaining terms up to March 2032 with renewal terms up to June 2033 or options to terminate leases within the next six years. Supplemental balance sheet information related to lease liabilities at December 31, 2020, was as follows (in thousands): Lease-Related Assets and Liabilities Financial Statement Line Items As of December 31, 2020 Right-of-use Operating leases Operating lease right-of-use $ 217,075 Total right-of-use $ 217,075 Lease liabilities: Operating leases Operating lease liabilities $ 29,079 Operating lease liabilities, noncurrent 229,800 Total lease liabilities $ 258,879 The components of lease expense included in the Company’s consolidated statements of operations include (in thousands): Year Ended Operating lease expense $ 53,576 Short-term lease expense 8,942 Variable lease expense 9,433 Less: Sublease income 19,769 Total lease expense, net $ 52,182 Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent temporary employee housing. Finance leases were not material for the year ended December 31, 2020. Maturities of operating lease liabilities as of December 31, 2020 were as follows (in thousands): As of December 31, 2020 Year ended December 31, Operating Lease Less: Sublease Net Lease 2021 $ 44,630 $ 17,582 $ 27,048 2022 40,099 12,418 27,681 2023 45,085 18,288 26,797 2024 41,629 16,407 25,222 2025 40,066 14,210 25,856 Thereafter 124,935 71,403 53,532 Total undiscounted liabilities 336,444 150,308 186,136 Less: Leases not yet commenced (1,082 ) — (1,082 ) Less: Imputed interest (76,483 ) — (76,483 ) Total operating lease liabilities $ 258,879 $ 150,308 $ 108,571 The weighted-average remaining lease term and discount rate related to the Company’s operating lease liabilities as of December 31, 2020 were 8.05 years and 6.34%, respectively. The following table sets forth the supplemental information related to the Company’s operating leases for the year ended December 31, 2020 (in thousands): Year Ended Cash paid for operating lease liabilities $ 58,157 Lease liabilities arising from obtaining right-of-use $ 17,647 As of December 31, 2020, the Company has additional operating leases for office space that have not yet commenced with future lease obligations of $1.1 million. These operating leases will commence in 2021 with lease terms of four years. As of December 31, 2019, prior to the Company’s adoption of ASC 842, annual minimum payments under noncancelable operating leases were as follows (in thousands): Operating Lease Less: Sublease Net Operating Lease 2020 $ 58,914 $ 18,192 $ 40,722 2021 49,093 17,582 31,511 2022 45,894 17,665 28,229 2023 44,861 17,532 27,329 2024 41,968 15,636 26,332 Thereafter 133,883 84,985 48,898 Total minimum lease payments $ 374,613 $ 171,592 $ 203,021 Under ASC 840, during the years ended December 31, 2019 and 2018, net rent expense was $38.5 million and $43.6 million, respectively, which included sublease income of $14.8 million and $13.1 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Letters of Credit and Guarantees The Company had irrevocable standby letters of credit and guarantees, including bank guarantees, outstanding in the amounts of $116.8 million and $322.8 million as of December 31, 2020 and 2019, respectively, which were fully collateralized. The Company is required to maintain these letters of credit and guarantees primarily in connection with operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. These letters of credit and guarantees had expiration dates through August 2028 as of December 31, 2020. Purchase Commitments In December 2019, the Company entered into a minimum annual commitment to purchase cloud hosting services of at least $1.49 billion over six contract years, with an optional seventh carryover year, effective beginning January 1, 2020, in exchange for various discounts on such services. If the spend does not meet the minimum annual commitment each year or at the end of the term, the Company is obligated to make a return payment. If the difference is greater than $30.0 million for each of the first three contract years or $50.0 million for each of the contract years thereafter (“relief amounts”), the Company has the option to pay the respective relief amount for that year for services to be utilized in the future and the excess amount of the difference above the relief amount would be added to the minimum annual commitment of the following year through the end of the contract. In December 2020, the agreement was amended to extend the first contract year until June 30, 2021, and the optional carryover period to June 30, 2029. As of December 31, 2020, the Company had satisfied $84.5 million of its $126.0 million commitment for the contract year ending June 30, 2021. In June 2020, the Company entered into an additional commitment to purchase at least $45.0 million of cloud hosting services over a period of five years commencing on June 1, 2020 and ending on May 31, 2025. If the spend commitment is not met at the end of the term, the Company is obligated to pay the full amount of the outstanding balance (“shortfall payment”). The shortfall payment may be applied as a prepayment against consumption during an additional twelve-month coverage period expiring on May 31, 2026, at which time any unused amount would be forfeited. As of December 31, 2020, the Company had satisfied $2.8 million of its commitment. Litigation and Legal Proceedings From time to time, third parties may assert patent infringement claims against the Company. In addition, from time to time, the Company may be subject to other legal proceedings and claims in the ordinary course of business, including claims of alleged infringement of trademarks, copyrights, and other intellectual property rights; employment claims; securities claims; investor claims; corporate claims; class action claims; and general contract, tort, or other claims. The Company may from time to time also be subject to various legal or government claims, disputes, or investigations. Such matters may include, but not be limited to, claims, disputes, allegations, or investigations related to warranty; refund; breach of contract; breach, leak, or misuse of personal data or confidential information; employment; government procurement; intellectual property; government regulation or compliance (including but not limited to anti-corruption requirements, export or other trade controls, data privacy or data protection, cybersecurity requirements, or antitrust/competition law requirements); securities; investor; corporate; or other matters. The Company is unable to predict whether or when any such matters may arise, the outcome of these matters, or the ultimate legal and financial liability, and cannot reasonably estimate the possible loss or range of loss at this time and accordingly has not accrued a related liability. On December 14, 2017, members of KT4 Partners LLC (Managing Member Marc Abramowitz) and Sandra Martin Clark, as trustee for the Marc Abramowitz Irrevocable Trust Number 7 (together, “KT4 Plaintiffs”) filed an action in the Delaware Superior Court against the Company and Disruptive Technology Advisers LLC. The complaint alleges tortious interference with prospective economic advantage and civil conspiracy in connection with a potential sale of stock by the KT4 Plaintiffs to a third party. The KT4 Plaintiffs seek compensatory and punitive damages, interest, fees, and costs. On August 30, 2019, BTIG, LLC (the “BTIG Plaintiff”), the alleged broker of the potential sale of stock that is the subject of the KT4 Plaintiffs’ December 2017 action, filed an action in the Delaware Superior Court against the Company and Disruptive Technology Advisers LLC. The complaint alleged tortious interference with prospective economic advantage and civil conspiracy in connection with the same potential sale of stock at issue in the KT4 Plaintiffs’ action by a group of sellers purportedly represented by the BTIG Plaintiff to a third party. The BTIG Plaintiff dismissed its claim with prejudice on January 21, 2021. The Company believes the lawsuit brought by the KT4 Plaintiffs is without merit and is vigorously defending itself against it. Given the uncertainty of litigation it may be reasonably possible that the Company will incur a loss with regards to the matter; however, it cannot currently estimate a range of possible losses. Accordingly, the Company is unable at this time to estimate the overall effects that may result from the remaining case on its financial condition, results of operations, or cash flows. As of December 31, 2020 and 2019, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that are expected to have a material adverse impact on its consolidated financial statements. Warranties and Indemnification The Company generally provides a warranty for its software products and services and a service level agreement (“SLA”) for the Company’s performance of software operations via its O&M services to its customers. The Company’s products are generally warranted to perform substantially as described in the associated product documentation during the subscription term or for a period of up to 90 days where the software is hosted by the customer; and the Company includes O&M services as part of its subscription and license agreements to support this warranty and maintain the operability of the software. The Company’s services are generally warranted to be performed in a professional manner and by an adequate staff with knowledge about the products. In the event there is a failure of such warranties, the Company generally is obligated to correct the product or service to conform to the warranty provision, as set forth in the applicable SLA, or, if the Company is unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally prorated over the contract term). Due to the absence of historical warranty claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant. The Company has not recorded warranty expense or related accruals as of December 31, 2020 and 2019. The Company generally agrees to indemnify its customers against legal claims that the Company’s software products infringe certain third-party intellectual property rights and accounts for its indemnification obligations. In the event of such a claim, the Company is generally obligated to defend its customer against the claim and to either settle the claim at the Company’s expense or pay damages that the customer is legally required to pay to the third-party claimant. In addition, in the event of an infringement, the Company generally agrees to secure the right for the customer to continue using the infringing product; to modify or replace the infringing product; or, if those options are not commercially practicable, to refund the cost of the software, as prorated over the period. To date, the Company has not been required to make any payment resulting from infringement claims asserted against its customers and does not believe that the Company will be liable for such claims in the foreseeable future. As such, the Company has not recorded a liability for infringement costs as of December 31, 2020 and 2019. The Company has obligations under certain circumstances to indemnify each of the defendant directors and certain officers against judgments, fines, settlements, and expenses related to claims against such directors and certain officers and otherwise to the fullest extent permitted under the law and the Company’s bylaws and Amended and Restated Certificate of Incorporation. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure | 10. Stockholders’ Equity (Deficit) Redeemable Convertible and Convertible Preferred Stock In connection with the Direct Listing in September 2020, all outstanding shares of redeemable convertible preferred stock and convertible preferred stock were converted into 4,017,378 and 793,725,807 shares of Class B common stock, respectively. In addition, the amended and restated certificate of incorporation filed in September 2020 in connection with the Direct Listing authorized the issuance of 2,000,000,000 shares of undesignated preferred stock. Common Stock During September 2020, the Company filed an amended and restated certificate of incorporation, which became effective on the date of its filing. The amended and restated certificate of incorporation authorized the issuance of a total of 20,000,000,000 shares of Class A common stock, 2,700,000,000 shares of Class B common stock, and 1,005,000 shares of Class F common stock. Additionally, each of the Founders exchanged 335,000 shares of their Class B common stock for an equivalent number of shares of Class F common stock. The Company’s Class A, Class B, and Class F common stock all have the same rights, except with respect to voting and conversion rights. Class A and Class B common stock have voting rights of 1 and 10 votes per share, respectively. The Class F common stock has a variable number of votes and is convertible at any time, at the option of the holder thereof, into one share of Class B common stock. All shares of Class F common stock are held by a voting trust established by the Founders. The Class F common stock generally give the Founders the ability to control up to 49.999999% of the total voting power of the Company’s capital stock, so long as the Founders and certain of their affiliates collectively meet a minimum ownership threshold, which was 100.0 million of the Company’s equity securities as of December 31, 2020. Holders of the common stock are entitled to dividends when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. No dividends have been declared as of December 31, 2020. During the year ended December 31, 2020, the Company sold a total of 206,500,523 shares of its Class A common stock at a price of $4.65 per share, for aggregate proceeds of $942.5 million, net of issuance costs of $17.7 million. Included in these sales were 107,526,881 shares of Class A common stock sold to SOMPO, a partner investor in the Company’s equity method investee, Palantir Japan. The following represented the total authorized, issued, and outstanding shares for each class of common stock: As of December 31, 2020 As of December 31, 2019 Authorized Issued Outstanding Authorized Issued Outstanding Common stock: Class A 20,000,000,000 1,542,057,292 1,542,057,292 2,200,000,000 315,615,753 309,223,182 Class B 2,700,000,000 249,077,252 249,077,252 1,800,000,000 272,273,934 272,273,934 Class F 1,005,000 1,005,000 1,005,000 — — — Total 22,701,005,000 1,792,139,544 1,792,139,544 4,000,000,000 587,889,687 581,497,116 Treasury Stock On April 30, 2020, the Board of Directors approved the retirement of all shares of treasury stock. Retirement of treasury stock was recorded as a reduction of common stock and additional paid-in |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 11. Warrants As of December 31, 2019, warrants outstanding included warrants to purchase up to 21,831,545 shares of convertible preferred stock and 8,625,420 shares of Class B common stock, respectively. In December 2019, the Company and holders of the Series I Lead Warrants issued in February 2014 agreed to amend the Series I Lead Warrants to extend their expiration dates to January 2025. In connection with this amendment, the holders agreed to a 20% reduction in the number of shares of Series I convertible preferred stock issuable upon exercise of the Series I Lead Warrant, which was effective January 2020. In September 2020, a warrant for 2,586,208 shares of Series D preferred stock with a strike price of $0.7406 was cashless exercised and net settled into 2,380,034 shares of Series D convertible preferred stock. Additionally, a warrant for 7,632,154 shares of Class B common stock with a strike price of $0.001 was cashless exercised and net settled into 7,631,329 shares of Class B common stock. Upon the effectiveness of the amended and restated certificate of incorporation filed in connection with the Direct Listing, all of the outstanding preferred stock warrants were converted into common stock warrants. As a result of the conversion, the warrants became equity-classified and the warrants liability was reclassified to additional paid-in As of December 31, 2020, warrants outstanding include warrants to purchase 5,211,093 shares of Class B common stock with a strike price of $6.13 per share and warrants to purchase 814,666 shares of Class B common stock with a strike price of $3.51 per share. The warrants expire in between December 2021 to January 2025. In addition, the Company has warrants outstanding to purchase up to 13,042,415 shares of Class B common stock that will be automatically net exercised upon a Qualifying IPO, which did not include the Company’s Direct Listing, and only if the valuation of the Company immediately prior to such IPO (“IPO Valuation”) is less than $12.9 billion. These warrants expire in November 2023 and, as of December 31, 2020, were considered not probable of vesting. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 12. Stock-Based Compensation 2010 Equity Incentive Plan In 2010, the Company adopted the 2010 Equity Incentive Plan, as amended from time to time (“Amended 2010 Equity Incentive Plan”, or “2010 Plan”). The 2010 Plan permitted the granting of incentive stock options (“ISOs”), non-statutory The 2010 Plan was terminated prior to the Company’s Direct Listing, and no additional awards will be granted under the 2010 Plan. However, the 2010 Plan will continue to govern the terms and conditions of the outstanding awards previously granted under the 2010 Plan. 2020 Executive Equity Incentive Plan In August 2020, the Company’s Board of Directors approved the 2020 Executive Equity Incentive Plan (the “Executive Equity Plan”). The Executive Equity Plan permitted the granting of NSOs and RSUs to the Company’s employees, consultants, and directors. A total of 165,900,000 shares of the Company’s Class B common stock were reserved for issuance under the Executive Equity Plan. During August 2020, options to purchase 162,000,000 shares of Class B common stock and restricted stock units covering 3,900,000 shares of the Company’s Class B common stock were granted to certain officers. The Executive Equity Plan was terminated prior to the Company’s Direct Listing, and no additional awards will be granted under the Executive Equity Plan. However, the Executive Equity Plan will continue to govern the terms and conditions of the outstanding awards previously granted under the Executive Equity Plan. 2020 Equity Incentive Plan In September 2020, prior to the Direct Listing, the Company’s Board of Directors approved the 2020 Equity Incentive Plan (“2020 Plan”). The 2020 Plan provides for the grant of ISOs, NSOs, restricted stock, RSUs, SARs, and performance awards to the Company’s employees, directors, and consultants. A total of 150,000,000 shares of the Company’s Class A common stock were initially reserved for issuance pursuant to the 2020 Plan. In addition, the number of shares of Class A common stock reserved for issuance under the 2020 Plan includes certain shares of common stock subject to awards under the 2010 Plan and Executive Equity Plan, in the case of certain occurrences such as expirations, terminations, exercise and tax-related • 250,000,000 shares of the Company’s Class A common stock; • Five percent of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding fiscal year; or • such other amount as the administrator of the 2020 Plan determines. Under the 2020 Plan, the exercise price of options granted is generally at least equal to the fair market value of the Company’s Class A common stock on the date of grant. The term of an ISO generally may not exceed ten years. Additionally, the exercise price of any ISO granted to a 10% stockholder shall not be less than 110% of the fair market value of the common stock on the date of grant, and the term of such option grant shall not exceed five years. Options and other equity awards become vested and, if applicable, exercisable based on terms determined by the Board of Directors or another plan administrator on the date of grant, which is typically four years for new employees and varies for subsequent grants. Stock Options The following table summarizes stock option activity for the year ended December 31, 2020 (in thousands, except share and per share amounts): Options Weighted- Weighted- Aggregate Balance as of December 31, 2019 497,441,159 $ 4.10 5.81 $ 975,798 Options granted (1) 397,885,337 7.43 Options exercised (120,617,527) 2.48 Options canceled and forfeited (1) (238,942,466) 5.95 Balance as of December 31, 2020 535,766,503 $ 6.12 7.99 $ 9,340,245 Options vested and exercisable as of December 31, 2020 304,428,660 $ 3.67 5.84 $ 6,051,074 (1) re-granted The aggregate intrinsic value of options outstanding, exercisable, and vested and exercisable is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock as of December 31, 2020. The aggregate intrinsic value of options exercised during the years ended December 31, 2020, 2019, and 2018 was $974.2 million, $90.7 million, and $49.0 million, respectively, and is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the exercise date. The weighted average grant-date fair value of options granted during the years ended December 31, 2020, 2019, and 2018 was $2.57, $3.67, and $3.81 per share, respectively. The total grant-date fair value of options that vested during the years ended December 31, 2020, 2019, and 2018 was $214.7 million, $229.4 million, and $221.2 million, respectively. As of December 31, 2020, the unrecognized expense related to options outstanding was $1.1 billion, which is expected to be recognized over a weighted-average service period of 8.06 years. Determination of Stock Option Fair Value The estimated grant-date fair value of all the Company’s stock-based option awards was calculated using the Black-Scholes option-pricing model, based on the following assumptions: Years Ended December 31, 2020 (1) 2019 (1) 2018 (1) Fair value of common stock $ 7.60 $ 6.03 $ 6.03 Expected volatility 71.00% 65.00% 65.00% Expected term (in years) 12.04 6.36 6.50 Expected dividend yield —% —% —% Risk-free interest rate 0.64% 1.65% 2.97% (1) Fair value of common stock Expected volatility Expected term Expected dividend yield Risk-free interest rate zero-coupon Stock Option Modifications During the year ended December 31, 2018, the Company modified 158,646,785 options held by then-current employees. In September 2018, the Company repriced options held by then-current employees with an exercise price greater than $6.03 per share. As part of the repricing, the original options were canceled and new options were granted with an exercise price of $6.03 per share and a remaining contractual term of ten years. The new options were subject to the same service-based vesting schedule as the original options. The repricing was recorded as a stock option modification whereby the incremental fair value of each option was determined at the date of the modification and $43.7 million was immediately recognized related to vested options. During the years ended December 31, 2020, 2019, and 2018, the Company recognized total stock-based compensation expense of $11.9 million, $18.2 million, and $44.6 million, respectively, related to these repriced options. As of December 31, 2020, there was remaining incremental fair value of $7.8 million which will be recognized over the remaining requisite service period. During the year ended December 31, 2019, the Company recognized stock-based compensation expense of $9.2 million related to the modification of 13,401,568 options held by certain of its directors. As part of the repricing, the original options were canceled and new options were granted with an exercise price of $6.03 per share, the then-current fair market value of the Company’s common stock, and a remaining contractual term of ten years. The new options were subject to the same vesting schedule as the original options. During the year ended December 31, 2020, the Company recognized total stock-based compensation expense of $2.0 million. As of December 31, 2020, there was remaining incremental fair value of $0.9 million which will be recognized over the remaining requisite service period. During the year ended December 31, 2019, the Company also modified 26,040,393 fully vested and outstanding options which were approaching expiration. The extension of the original options was recorded as a stock option modification whereby the incremental fair value of each option was determined at the date of the modification and $5.6 million was immediately recognized related to vested options. The weighted average extended term for the modified options was approximately 0.9 years. In June 2020, the Company repriced 235,885,337 stock options. As part of the repricing, the original options were canceled and new options were granted with an exercise price of $4.72 per share and a remaining contractual term of ten years. The new options were generally subject to the same service-based vesting schedule as the original options. The repricing was recorded as a stock option modification whereby the incremental fair value of each option was determined at the date of the modification and $74.0 million was immediately recognized related to vested options in June 2020 and an additional $8.3 million was recognized during the year ended December 31, 2020. As of December 31, 2020, there was remaining incremental fair value of $22.9 million which will be recognized over the remaining requisite service period. During the year ended December 31, 2020, the Company also modified 57,659,626 fully vested and outstanding options that were approaching expiration. The extension of the original options was recorded as a stock option modification whereby the incremental fair value of each option was determined at the date of the modification and $9.9 million was immediately recognized related to vested options. The weighted average extended term for the modified options was approximately 0.47 years. RSUs The following table summarizes the RSU activity for the year ended December 31, 2020: RSUs Weighted Average Unvested and outstanding as of December 31, 2019 179,494,619 $ 6.03 RSUs granted 98,667,215 8.15 RSUs vested (82,429,575) 6.45 RSUs canceled (10,862,021) 6.06 Unvested and outstanding at December 31, 2020 184,870,238 $ 6.97 During the year ended December 31, 2019, the Company granted RSUs with both a service-based vesting condition and a liquidity event-related performance condition which was considered a performance-based vesting condition. The stock-based compensation expense related to such RSUs will be recognized using the accelerated attribution method from the grant date. The service-based vesting period for these awards varies across service providers and is up to five years. The performance-based vesting condition for the RSUs was satisfied upon the Company’s Direct Listing, which occurred on September 30, 2020. Additionally, subsequent to September 30, 2020 the Company granted RSUs with only a service based-based vesting condition. The stock-based compensation expense related to such RSUs will be recognized ratably over the service period. During the year ended December 31, 2020, the Company recognized $940.0 million in stock-based compensation expense related to RSUs, of which $769.5 million was recognized upon the Company’s Direct Listing which satisfied the performance-based vesting condition. No compensation expense was recognized for the year ended December 31, 2019 as the performance-based vesting condition was not achieved. The total grant-date fair value of RSUs vested during the year ended December 31, 2020 was $531.9 million. As of December 31, 2020, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $873.5 million, which the Company expects to recognize over 3.2 years. Growth Units In May 2019, the Company granted growth units which vest upon the satisfaction of both a performance-based vesting condition, which was satisfied upon the Company’s Direct Listing, and a service-based vesting condition. The growth units have a formula used to calculate the number of shares of the Company’s common stock that would be earned by the holder upon the satisfaction of all vesting criteria. The Company did not grant any additional growth units during the year ended December 31, 2020. During the year ended December 31, 2020, the Company recognized $9.6 million of stock-based compensation expense related to the growth units, of which $8.4 million was recognized upon the Company’s Direct Listing which satisfied the performance-based vesting condition. As of December 31, 2020, the total unrecognized stock-based compensation expense related to the 3,582,674 growth units outstanding was $1.2 million, which the Company expects to recognize through March 2021 at which point the outstanding growth units will fully vest and convert into 1.5 million shares of common stock. No compensation expense was recognized for the year ended December 31, 2019 as the performance-based vesting condition was not achieved. Stock-based Compensation Expense Total stock-based compensation expense was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Cost of revenue $ 139,627 $ 27,904 $ 19,629 Sales and marketing 398,205 79,215 93,510 Research and development 357,063 67,933 72,039 General and administrative 375,807 66,918 63,325 Total stock-based compensation expense $ 1,270,702 $ 241,970 $ 248,503 The Company recognized a benefit for income taxes related to stock-based compensation expense for the years ended December 31, 2020, 2019, and 2018 of $18.2 million, $6.4 million, and $6.0 million, respectively. Related Party Non-Recourse In November 2016, the Company entered into a non-recourse In August 2020, the Company received a payment of $26.6 million for a portion of the principal and accrued interest on the outstanding non-recourse |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes Loss before provision (benefit) for income taxes consisted of the following (in thousands): Years Ended December 31, 2020 2019 2018 United States $ (1,203,682) $ (580,362) $ (558,974) Foreign 24,655 13,091 (11,951) Loss before provision (benefit) for income taxes $ (1,179,027) $ (567,271) $ (570,925) Provision (benefit) for income taxes consisted of the following (in thousands): Years Ended December 31, 2020 2019 2018 Current: Federal $ — $ — $ — State 500 139 142 Foreign 7,249 19,435 15,945 Total current provision 7,749 19,574 16,087 Deferred: Federal — — — State — — — Foreign (20,385) (7,199) (6,985) Total deferred benefit (20,385) (7,199) (6,985) Total provision (benefit) for income taxes $ (12,636) $ 12,375 $ 9,102 A reconciliation of the expected tax provision (benefit) at the statutory federal income tax rate to the Company’s recorded tax provision (benefit) consisted of the following (in thousands): Years Ended December 31, 2020 2019 2018 Expected (benefit) at U.S. federal statutory rate $ (247,596) $ (119,127) $ (119,894) State income taxes – net of federal benefit 500 139 142 Foreign tax rate differential (4,131) 25,430 8,028 Research and development tax credits (26,294) (2,106) (4,565) Stock-based compensation (194,730) (6,069) 2,629 Warrants revaluation — — (10,099) Non-deductible 76,093 — — Change in valuation allowance 373,632 112,149 126,395 Other 9,890 1,959 6,466 Total provision (benefit) for income taxes $ (12,636) $ 12,375 $ 9,102 For the year ended December 31, 2020, the Company recorded a benefit for income taxes compared to a provision for income taxes for the year ended December 31, 2019, primarily due to decreases in profits from our international operations and foreign benefits from stock-based compensation. For the year ended December 31, 2019, the provision for income taxes increased compared to the year ended December 31, 2018, primarily due to an increase of foreign income as a result of increased foreign business. Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to reverse. Significant deferred tax assets and liabilities consisted of the following (in thousands): As of December 31, 2020 2019 Net operating loss carryforwards $ 853,861 $ 570,583 Reserves and accruals 55,685 36,269 Tax credit carryforwards 68,626 28,459 Stock-based compensation 246,380 181,901 Lease liabilities 57,543 — Depreciation and amortization 28,970 23,709 Gross deferred tax assets 1,311,065 840,921 Right-of-use (48,120) — Total net deferred tax assets before valuation allowance 1,262,945 840,921 Valuation allowance (1,220,093) (819,738) Net deferred tax assets $ 42,852 $ 21,183 The Company performs an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. Such assessment is required on a jurisdiction by jurisdiction basis. The Company reviews the recognition of deferred tax assets on a regular basis to determine if realization of such assets is more likely than not. A valuation allowance is provided when it is more likely than not that such assets will not be realized. As of December 31, 2020, the Company had U.S. federal and state net operating losses of approximately $3.6 billion and $1.5 billion, respectively. As of December 31, 2019, the Company had U.S. federal and state net operating losses of approximately $2.4 billion and $1.1 billion, respectively. The U.S. federal net operating loss carryforwards will expire at various dates beginning in 2024 through 2037 if not utilized with the exception of $2.0 billion, which can be carried forward indefinitely. The state net operating loss carryforwards will expire at various dates beginning in 2022 through 2040 if not utilized. Additionally, as of December 31, 2020, the Company had federal and California research and development credits of approximately $85.1 million and $66.0 million, respectively. As of December 31, 2019, the Company had federal and California research and development credits of approximately $32.5 million and $30.9 million, respectively. The federal research and development credits will begin to expire in the years 2027 through 2040 if not utilized and the California research and development credits have no expiration date. Utilization of the net operating losses and research and development credit carryforwards may be subject to an annual limitation due to the ownership percentage change limitations provided by the Internal Revenue Code (“IRC”) of 1986 and similar state provisions. The annual limitation may result in the expiration of the net operating loss and research and development credit carryforwards before utilization. As of December 31, 2020, the Company had an immaterial amount of earnings indefinitely reinvested outside the U.S. The Company does not intend to repatriate these earnings and, accordingly, the Company does not provide for U.S. income taxes and foreign withholding tax on these earnings. Uncertain Tax Positions A reconciliation of the gross unrecognized tax benefits consists of the following (in thousands): Years Ended December 31, 2020 2019 2018 Unrecognized tax benefit beginning of year $ 31,702 $ 27,812 $ 18,793 Increases in current year tax positions 43,855 6,301 8,437 Increases in prior year tax positions — 114 582 Decreases in prior year tax positions — (1,829 ) — Decreases in prior year tax positions due to settlements — (696 ) — Decreases in prior year tax positions due to lapse of statute of limitations — — — Unrecognized tax benefit end of year $ 75,557 $ 31,702 $ 27,812 For the years ended December 31, 2020, 2019, and 2018, the Company recorded gross unrecognized tax benefits of $75.6 million, $31.7 million, and $27.8 million, respectively, that , As of December 31, 2020, no significant increases or decreases are expected to the Company’s uncertain tax positions within the next twelve months. It is the Company’s policy to recognize interest and penalties related to income tax matters in income tax expense. The Company has not accrued interest and penalties related to uncertain tax positions due to offsetting tax attributes as of December 31, 2020 or 2019. The Company files U.S. federal, state, and foreign income tax returns in jurisdictions with varying statutes of limitation. The material jurisdictions where the Company is subject to potential examination by tax authorities are the U.S. (federal and state) for tax years 2004 through 2020 and the UK for tax years 2013 through 2020. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 14. Net Loss Per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): As of December 31, 2020 2019 2018 Numerator Net loss $ (1,166,391 ) $ (579,646 ) $ (580,027 ) Less: Accretion of Series H redeemable convertible preferred stock to redemption value — — (18,098 ) Less: Distributed earnings attributable to participating securities — (8,481 ) — Net loss attributable to common stockholders $ (1,166,391 ) $ (588,127 ) $ (598,125 ) Less: Change in fair value attributable to participating securities (5,483 ) — (38,953 ) Net loss attributable to common stockholders, for diluted net loss per share $ (1,171,874 ) $ (588,127 ) $ (637,078 ) Denominator Weighted-average shares used in computing net loss per share, basic 977,721,736 576,958,560 537,280,394 Weighted-average shares used in computing net loss per share, diluted 979,330,067 576,958,560 544,014,393 Net loss per share Net loss per share attributable to common stockholders, basic $ (1.19 ) $ (1.02 ) $ (1.11 ) Net loss per share attributable to common stockholders, diluted $ (1.20 ) $ (1.02 ) $ (1.17 ) The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted As of December 31, 2020 2019 2018 Redeemable convertible preferred stock — 4,017,378 25,947,422 Convertible preferred stock — 791,252,998 791,263,372 Warrants to purchase redeemable convertible and convertible preferred stock — 21,831,545 22,245,552 Warrants to purchase common stock 19,068,174 993,266 993,266 Options and SARs issued and outstanding 535,791,503 497,541,159 487,299,359 RSUs outstanding 184,870,238 179,494,619 — Growth units outstanding 3,582,674 3,582,674 — Total 743,312,589 1,498,713,639 1,327,748,971 |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 15. Segment and Geographic Information The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the CODM evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments. Segment contribution is segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level. These unallocated costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. Financial information for each reportable segment was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Revenue: Government $ 610,198 $ 345,521 $ 255,131 Commercial 482,475 397,034 340,278 Total revenue $ 1,092,673 $ 742,555 $ 595,409 Years Ended December 31, 2020 2019 2018 Amount % Amount % Amount % Contribution: Government $ 346,937 57% $ 79,606 23% $ 30,963 12% Commercial 247,320 51% 77,575 20% 50,422 15% Total contribution $ 594,257 54% $ 157,181 21% $ 81,385 14% The reconciliation of contribution to loss from operations is as follows (in thousands): Years Ended December 31, 2020 2019 2018 Loss from operations $ (1,173,679 ) $ (576,444 ) $ (623,440 ) Research and development expenses (1) 203,597 237,630 213,412 General and administrative expenses (1) 293,637 254,025 242,910 Stock-based compensation expense 1,270,702 241,970 248,503 Total contribution $ 594,257 $ 157,181 $ 81,385 (1) Geographic Information Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Years Ended December 31, 2020 2019 2018 Amount % Amount % Amount % Revenue: United States $ 573,549 52% $ 295,753 40% $ 208,620 35% United Kingdom 132,427 12% 120,185 16% 121,563 20% France 97,702 9% 76,220 10% 64,427 11% Rest of world (1) 288,995 27% 250,397 34% 200,799 34% Total revenue $ 1,092,673 100% $ 742,555 100% $ 595,409 100% (1) Property and equipment, net is attributed to the Company’s office locations as follows (in thousands, except percentages): As of December 31, 2020 2019 2018 Amount % Amount % Amount % Property and equipment, net: United States 13,268 45% 15,956 51% 14,168 47% United Kingdom 13,325 45% 12,461 39% 14,446 48% Rest of world 2,948 10% 3,172 10% 1,420 5% Total property and equipment, net $ 29,541 100% $ 31,589 100% $ 30,034 100% |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting. The accompanying consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over the investee, but not control, are accounted for using the equity method of accounting. For such investments, the share of the investee’s results of operations is included as a component of other income (expense), net in the consolidated statements of operations and the investment balance is included in other assets and classified as noncurrent in the consolidated balance sheets. The Company’s fiscal year ends on December 31. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying consolidated financial statements include, but are not limited to, identification of performance obligations in customer contracts, the fair value of common stock and other assumptions used to measure stock-based compensation, the fair value of warrants, the valuation of deferred tax assets and uncertain tax positions, collectability of accounts receivable, useful lives of tangible assets and the incremental borrowing rate for operating leases. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations. |
Segments | Segments The Company has two operating segments, commercial and government, which were determined based on the manner in which the chief operating decision maker (“CODM”), who is the chief executive officer, manages the operations of the Company for purposes of allocating resources and evaluating performance. Various factors, including the Company’s organizational and management reporting structure and customer type, were considered in determining these operating segments. The Company’s operating segments are described below: • Commercial non-government • Government non-U.S. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents consists of amounts invested in money market funds. Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows (in thousands): As of December 31, 2020 2019 2018 Cash and cash equivalents $ 2,011,323 $ 1,079,154 $ 1,116,342 Restricted cash 37,285 52,099 10,484 Restricted cash, noncurrent 79,538 270,709 140,009 Total cash, cash equivalents, and restricted cash $ 2,128,146 $ 1,401,962 $ 1,266,835 |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses, if any. The Company generally grants non-collateralized COVID-19 written-off |
Concentrations of Credit Risk and Other Concentrations | Concentrations of Credit Risk and Other Concentrations Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, and accounts receivable. Cash equivalents consist of money market funds with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the consolidated balance sheets. The Company’s accounts receivable balance as of December 31, 2020 and 2019 was $156.9 million and $50.3 million, respectively. Customer G represented 13% of total accounts receivable as of December 31, 2020. Customers A and C represented 38% and 21% of total accounts receivable as of December 31, 2019, respectively. No other customer represented more than 10% of total accounts receivable as of December 31, 2020 and 2019. The Company seeks to mitigate its credit risk with respect to accounts receivable by contracting with large commercial customers and government agencies and regularly monitoring the aging of accounts receivable balances. As of December 31, 2020 and 2019, the Company had not experienced any significant losses on its accounts receivable. For the year ended December 31, 2020, Customer F, which is in the government operating segment, represented 10% of total revenue. For the years ended December 31, 2019 and 2018, Customer D, which is in the commercial operating segment, represented 12%, and 15% of total revenue, respectively. No other customer represented more than 10% of total revenue for the years ended December 31, 2020, 2019 and 2018. The Company relies on the technology, infrastructure, and software applications, including software-as-a-service |
Assets Held for Sale | Assets Held for Sale Assets are classified as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use and when all of the following criteria have been met: (i) management commits to a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, (iii) the asset is being actively marketed for sale at or near its current fair value, (iv) significant changes to the plan of sale are unlikely, and (v) the sale of the asset is probable within one year. Upon classification as held for sale, long-lived assets are not depreciated, and the Company evaluates the assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the fair value less costs to sell are less than the carrying amount. If such assets are considered to be impaired, the Company records an impairment loss for the amount of the excess of carrying value over the fair value less costs to sell as general and administrative expense in the consolidated statements of operations. See Note 4. Fair Value Measurements |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net are stated at cost less accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the respective assets, which are generally three years. Leasehold improvements are capitalized and amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life, which is generally five years. Maintenance and repairs that do not improve or extend the useful lives of the assets are expensed when incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation and amortization are derecognized from the consolidated balance sheet and any resulting gain or loss is recorded in the consolidated statements of operations in the period realized. |
Equity Method Investments | Equity Method Investments In general, nonconsolidated investments in which the Company owns 20% to 50% of the affiliate’s equity and has the ability to exercise significant influence but does not control are accounted for under the equity method. In making this determination, the Company first considers whether it has a direct or indirect controlling financial interest based on either the variable interest entity (“VIE”) model or the voting interest entity (“VOE”) model. The Company adjusts the carrying value of its investment by its proportionate share of the net earnings or losses of the investee, adjustments for unrealized profits or losses on intra-entity transactions, impairment charges, dividends received, additional capital investments, and the amortization of basis differences during the respective reporting period. The Company’s proportionate share of the net earnings or loss of its equity method investment is based on the most recently available financial statements of the investee and is reflected as a component of other income (expense), net in the consolidated statements of operations. The income tax benefit or expense related to the Company’s interest in the net earnings or loss of the equity method investee is reported in the consolidated provision (benefit) for income taxes. The Company reviews the investments for impairment whenever factors indicate that the carrying amount of the investment might not be recoverable. In such a case, the decrease in value is recognized in the period the impairment occurs in the consolidated statements of operations. No impairment charge was recognized during the years ended December 31, 2020, 2019 and 2018. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset to the future net undiscounted cash flows that the asset is expected to generate. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. There was no impairment of long-lived assets recognized during the years ended December 31, 2020, 2019 and 2018. |
Leases | Leases The Company adopted the Accounting Standard Update (“ASU”) 2016-02, Leases, 2016-02 Recently Adopted Accounting Pronouncements The Company determines if an arrangement is a lease at inception. An arrangement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use The Company has lease agreements with lease and non-lease Operating leases are included in operating lease right-of-use non-current Lease accounting prior to the adoption of ASC 842 For operating leases, the Company recorded rent expense on a straight-line basis over the noncancelable lease term and recorded the difference between the rent paid and the recognition of rent expense as a deferred rent asset or liability. Rent escalation, rent abatement, or other concessions, such as rent holidays, and landlord or tenant incentives or allowances, were recorded as deferred rent and amortized over the remaining lease term. |
Preferred Stock Warrants | Warrants Warrants to purchase shares of redeemable convertible and convertible preferred stock (collectively, the “preferred stock warrants”) were freestanding financial instruments classified as other noncurrent liabilities on the Company’s consolidated balance sheets as the underlying securities were redeemable or contingently redeemable upon the occurrence of events which were outside of the Company’s control. The preferred stock warrants were recorded at their respective fair values upon issuance and were subject to re-measurement paid-in |
Treasury Stock | Treasury Stock Repurchased treasury stock is recorded at cost. When treasury stock is resold at a price different than its historical acquisition cost, the difference is recorded as a component of additional paid-in |
Fair Value Measurement | Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. The Company measures fair value based on a three-level hierarchy of inputs, maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. A financial instrument’s level within the three-level hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three-level hierarchy of inputs is as follows: Level 1 Level 2 Level 3 Financial instruments consist of cash equivalents, restricted cash, accounts receivable, other assets accounted for at fair value, accounts payable, accrued liabilities, and the warrants liability. Cash equivalents, restricted cash, assets held for sale, and the warrants liability are stated at fair value on a recurring basis. Accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The carrying amount of the Company’s outstanding debt approximates the fair value as the debt bears a floating rate that approximates the market interest rate. |
Revenue Recognition | Revenue Recognition The Company generates revenue from the sale of subscriptions to access the software in the Company’s hosted environment with ongoing operations and maintenance (“O&M”) services (“Palantir Cloud”), software licenses, primarily term licenses in the customers’ environments, with ongoing O&M services (“On-Premises In accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers • Identification of the contract(s) with the customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies a performance obligation. Each of the Company’s significant performance obligations and the Company’s application of ASC 606 to its revenue arrangements is discussed in further detail below. Palantir Cloud The Company’s Palantir Cloud subscriptions grant customers the right to access the software functionality in a hosted environment controlled by Palantir and are sold together with stand-ready O&M services, as further described below. The Company promises to provide continuous access to the hosted software throughout the contract term. Revenue associated with Palantir Cloud subscriptions is recognized over the contract term on a ratable basis, which is consistent with the transfer of control of the Palantir Cloud subscription to the customer. On-Premises Sales of the Company’s software licenses, primarily term licenses, grant customers the right to use functional intellectual property, either on their internal hardware infrastructure or on their own cloud instance, over the contractual term and are also sold together with stand-ready O&M services. The O&M services include critical updates, support, and maintenance services required to operate the software and, as such, are necessary for the software to maintain its intended utility over the contractual term. Because of this requirement, the Company has concluded that the software licenses and O&M services, which together the Company refers to it as its On-Premises Professional Services The Company’s professional services support the customers’ use of the software and include, as needed, on-demand on-demand On-Premises on-demand, Contract Balances The timing of customer billing and payment relative to the start of the service period varies from contract to contract; however, the Company bills many of its customers in advance of the provision of services under its contracts, resulting in contract liabilities consisting of either deferred revenue or customer deposits (“contract liabilities”). Deferred revenue represents billings under noncancelable contracts before the related product or service is transferred to the customer. Customer deposits consist of payments received in advance of the start of the contractual term or for anticipated revenue generating activities for the portion of a contract term that is subject to cancellation and refund. The Company’s arrangements generally include terms that allow the customer to terminate the contract for convenience and receive a pro-rata The payment terms and conditions vary by contract; however, the Company’s terms generally require payment within 30 to 60 days from the invoice date. In instances where the timing of revenue recognition differs from the timing of payment, the Company elected to apply the practical expedient in accordance with ASC 606 to not adjust contract consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when promised goods and services are transferred to the customer and when the customer pays for those goods and services will be one year or less. As such, the Company determined its contracts do not generally contain a significant financing component. Areas of Judgment and Estimation The Company’s contracts with customers can include multiple promises to transfer goods or services to the customer. Determining whether promises are distinct performance obligations that should be accounted for separately – or not distinct within the context of the contract and, thus, accounted for together – requires significant judgment. The Company concluded that the promise to provide a software license is highly interdependent and interrelated with the promise to provide O&M services and such promises are not distinct within the context of its contracts and are accounted for as a single performance obligation as the Company’s On-Premises Additionally, the pricing of the Company’s contracts is generally fixed; however, it is possible for contracts to include variable consideration in the form of performance bonuses, which can be based on subjective or objective criteria. The Company includes the estimated amount of variable consideration that it expects to receive to the extent it is probable that a significant revenue reversal will not occur. Any amounts received in the form of performance bonuses were not material in the periods presented. Costs to Obtain and Fulfill Contracts Incremental costs of obtaining a contract include only those costs that are directly related to the acquisition of contracts, including sales commissions, and that would not have been incurred if the contract had not been obtained. The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it is expected that the economic benefit and amortization period will be longer than one year. Costs to obtain contracts were not material in the periods presented. The Company recognizes an asset for the costs to fulfill a contract with a customer if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. Costs to fulfill contracts were not material in the periods presented. Deferred Revenue Deferred revenue represents billings under noncancelable contracts before the related product or service is transferred to the customer. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as deferred revenue and the remaining portion is recorded as deferred revenue, noncurrent. |
Customer Deposits | Customer Deposits Customer deposits consist of payments received for anticipated revenue generating activities in advance of the start of the contractual term or for the portion of a contract term that is subject to cancellation and refund. The portion of customer deposits that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as customer deposits and the remaining portion is recorded as customer deposits, noncurrent. |
Cost of Revenue | Cost of Revenue Cost of revenue primarily includes salaries, stock-based compensation expense, and benefits for personnel involved in performing O&M and professional services, as well as third-party cloud hosting services, allocated overhead, and other direct costs. |
Software Development Costs | Software Development Costs The Company evaluates capitalization of certain software development costs subsequent to the establishment of technological feasibility. Based on the Company’s product development process and substantial development risks, technological feasibility is established for the Company’s products when they are made available for general release. Accordingly, the Company has charged all such costs to research and development expense in the period incurred. |
Sales and Marketing Costs | Sales and Marketing Costs Sales and marketing costs primarily include salaries, stock-based compensation expense, and benefits for personnel involved in executing on pilots and performing other brand building activities, as well as third-party cloud hosting services for our pilots, marketing and sales event-related costs, and allocated overhead. The Company generally charges all such costs to sales and marketing expense in the period incurred. |
Research and Development Costs | Research and Development Costs Research and development costs primarily include salaries, stock-based compensation expense, and benefits for personnel involved in performing the activities to develop and improve the Company’s platforms, as well as third-party cloud hosting services, and allocated overhead. Research and development costs are expensed as incurred. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, disputes, legal proceedings, fines and penalties, and other sources are recorded when it is probable that a liability has been or will be incurred and the amount of the liability can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Recoveries of such legal costs from insurance policies are recorded as an offset to legal expenses in the period they are received. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of GAAP, which require compensation cost for the grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company determines the fair value of stock-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. Service-Based Vesting The Company grants stock option awards and RSUs, that vest only based upon the satisfaction of a service condition. For stock option awards, the Company uses the Black-Scholes option pricing model to determine the fair value of the stock options granted. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the expected term of the option, the expected volatility of the price of the common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. For RSUs, the Company determines the grant-date fair value of the RSUs as the fair value of the Company’s common stock on the grant date. The Company records stock-based compensation expense for stock options and RSUs that vest only based upon the satisfaction of a service condition on a straight-line basis over the requisite service period, which is generally four years. The Company recognizes forfeitures as they occur. Performance-Based Vesting The Company grants awards, including RSUs and “growth units,” that vest upon the satisfaction of both a service condition and a performance condition. The performance-based vesting condition for the RSUs granted prior to the Company’s Direct Listing was satisfied upon the occurrence of the Direct Listing. The service-based vesting period for growth units has been satisfied for all growth units outstanding as of December 31, 2019. The performance-based vesting condition will be satisfied if the recipient remains a service provider through the 180-day |
Employee Benefit Plan | Employee Benefit Plan The Company sponsors a 401(k) tax-deferred post-tax |
Income Taxes | Income Taxes The Company estimates its current tax expense together with assessing temporary differences resulting from differing treatment of items not currently deductible for tax purposes. These differences result in deferred tax assets and liabilities on the Company’s consolidated balance sheets, which are estimated based upon the difference between the financial statement and tax bases of assets and liabilities using the enacted tax rates that will be in effect when these differences reverse. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s consolidated statements of operations become deductible expenses under applicable income tax laws or loss or credit carryforwards are utilized. Accordingly, the realization of the Company’s deferred tax assets are dependent on future taxable income against which these deductions, losses, and credits can be utilized. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance when it is more likely than not that a future benefit on such deferred tax assets will not be realized. Changes in the valuation allowance, when recorded, would be included in the Company’s consolidated statements of operations. Management’s judgment is required in determining the Company’s valuation allowance recorded against its net deferred tax assets. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in its provision (benefit) for income taxes. On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (“Tax Act”). The Tax Act includes significant changes to the U.S. corporate income tax system including: a federal corporate rate reduction from 35% to 21%; limitations on the deductibility of interest expense; creation of new minimum taxes, such as the base erosion anti-abuse tax (“BEAT”) and Global Intangible Low-Taxed |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The Company computes net loss per share attributable to its common stockholders using the two-class two-class The rights, including the liquidation and dividend rights, of the holders of Class A, Class B, and Class F common stock (collectively, the “common stock”) are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share will, therefore, be the same for all classes of common stock on an individual or combined basis. As such, the Company has presented the net loss attributed to its common stock on a combined basis. |
Foreign Currency | Foreign Currency Generally the functional currency of the Company’s international subsidiaries is the local currency of the country in which they operate. The Company translates the assets and liabilities of its non-U.S. For transactions that are not denominated in the local functional currency, the Company remeasures monetary assets and liabilities at exchange rates in effect at the end of each reporting period. Transaction gains and losses from the remeasurement are recognized in other income (expense), net within the consolidated statements of operations. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, emerging growth companies (“EGC”) can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company elected to retain the ability to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. The Company lost its emerging growth company status on December 31, 2020 as its annual gross revenue exceeded the EGC revenue criteria of $1.07 billion. As such the Company became subject to new accounting pronouncement effective dates for non-EGC’s The Company adopted the following accounting standards during the year ended December 31, 2020: ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. 2018-13 Note 4. Fair Value Measurements ASU 2016-02, Leases (Topic 842). non-current ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use 350-40): internal-use 350-40 ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows (in thousands): As of December 31, 2020 2019 2018 Cash and cash equivalents $ 2,011,323 $ 1,079,154 $ 1,116,342 Restricted cash 37,285 52,099 10,484 Restricted cash, noncurrent 79,538 270,709 140,009 Total cash, cash equivalents, and restricted $ 2,128,146 $ 1,401,962 $ 1,266,835 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary Of Contract Liabilities, Consist Of Total Deferred Revenue And Customer Deposits | The Company’s contract liabilities consist of deferred revenue and customer deposits. The changes in the Company’s contract liabilities were as follows (in thousands): Contract liabilities as of January 1, 2019 $ 657,112 Billings and other (1)(2) 898,254 Revenue recognized (742,555) Refunds accrued or paid to customers (18,000) Contract liabilities as of December 31, 2019 794,811 Billings and other (2) 839,740 Revenue recognized (1,092,673) Refunds accrued or paid to customers (10,000) Contract liabilities as of December 31, 2020 $ 531,878 (1) Note 6 . (2) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis | The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring and nonrecurring basis and indicates the fair value hierarchy of the valuation (in thousands): As of December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 1,075,783 $ 1,075,783 $ — $ — Restricted cash: Certificates of deposit 74,097 — 74,097 — Total $ 1,149,880 $ 1,075,783 $ 74,097 $ — As of December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 650,498 $ 650,498 $ — $ — Restricted cash: Certificates of deposit 102,904 — 102,904 — Prepaid expenses and other current assets: Assets held for sale 980 — — 980 Total $ 754,382 $ 650,498 $ 102,904 $ 980 Liabilities: Warrants liability $ 42,628 $ — $ — $ 42,628 Total $ 42,628 $ — $ — $ 42,628 |
Summary Of Warrants Liability | The assumptions used to calculate the warrants liability as of September 29, 2020, the date immediately before the Direct Listing, and December 31, 2019 were as follows: September 29, December 31, 2020 2019 Discounts for lack of marketability — 20.0% - 28.0 % Fair value of underlying securities $9.50 $6.81 - $8.04 Expected volatility 66.0 % 66.0 % Dividend rate — — Risk-free interest rate 0.1 % 1.3 % |
Disclosure Summary Of Changes In Fair Value Of Warrants Liability | The following table sets forth a summary of the changes in the estimated fair value of the Company’s warrants liability (in thousands): Balance as of December 31, 2018 $ 76,069 Net exercises in the period (33,444) Change in fair value of warrants 3 Balance as of December 31, 2019 $ 42,628 Net exercises in the period (10,810) Change in fair value of warrants (811) Reclassification to additional paid-in (31,007) Balance as of December 31, 2020 $ — |
Summary of Changes in the Estimated Fair Value of the Company's Assets Held for Sale | The following table sets forth a summary of the changes in the estimated fair value of the Company’s assets held for sale (in thousands): Balance as of December 31, 2018 $ 24,008 Impairment of assets held for sale (23,407) Foreign currency adjustments 379 Balance as of December 31, 2019 $ 980 Sale of assets held for sale (250) Impairment of assets held for sale (674) Foreign currency adjustments (56) Balance as of December 31, 2020 $ — |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): As of December 31, 2020 2019 Leasehold improvements $ 85,196 $ 93,530 Computer equipment, software, and other 22,275 32,757 Furniture and fixtures 9,976 10,753 Construction in progress 493 3,161 Total property and equipment, gross 117,940 140,201 Less: accumulated depreciation and amortization (88,399) (108,612) Total property and equipment, net $ 29,541 $ 31,589 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): As of December 31, 2020 2019 Accrued payroll and related expenses $ 85,466 $ 31,355 Accrued other liabilities 73,080 95,265 Total accrued liabilities $ 158,546 $ 126,620 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of outstanding debt | The Company’s outstanding debt consisted of the following as of December 31, 2020 and 2019 (in thousands): As of December 31, 2020 2019 Principal amount $ 200,000 $ 400,000 Unamortized discount (2,023) (3,935) Carrying value of debt $ 197,977 $ 396,065 |
Summary of future minimum payments of principal | Future minimum payments of principal on the Company’s outstanding debt as of December 31, 2020 were as follows (in thousands): 2021 $ — 2022 — 2023 200,000 Total payments $ 200,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Balance Sheet Information Relating to Leases | Supplemental balance sheet information related to lease liabilities at December 31, 2020, was as follows (in thousands): Lease-Related Assets and Liabilities Financial Statement Line Items As of December 31, 2020 Right-of-use Operating leases Operating lease right-of-use $ 217,075 Total right-of-use $ 217,075 Lease liabilities: Operating leases Operating lease liabilities $ 29,079 Operating lease liabilities, noncurrent 229,800 Total lease liabilities $ 258,879 |
Summary of Operating Lease Cost | The components of lease expense included in the Company’s consolidated statements of operations include (in thousands): Year Ended Operating lease expense $ 53,576 Short-term lease expense 8,942 Variable lease expense 9,433 Less: Sublease income 19,769 Total lease expense, net $ 52,182 |
Summary of Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities as of December 31, 2020 were as follows (in thousands): As of December 31, 2020 Year ended December 31, Operating Lease Less: Sublease Net Lease 2021 $ 44,630 $ 17,582 $ 27,048 2022 40,099 12,418 27,681 2023 45,085 18,288 26,797 2024 41,629 16,407 25,222 2025 40,066 14,210 25,856 Thereafter 124,935 71,403 53,532 Total undiscounted liabilities 336,444 150,308 186,136 Less: Leases not yet commenced (1,082 ) — (1,082 ) Less: Imputed interest (76,483 ) — (76,483 ) Total operating lease liabilities $ 258,879 $ 150,308 $ 108,571 |
Summary of Future Annual Minimum Payments under Noncancelable Operating Leases | As of December 31, 2019, prior to the Company’s adoption of ASC 842, annual minimum payments under noncancelable operating leases were as follows (in thousands): Operating Lease Less: Sublease Net Operating Lease 2020 $ 58,914 $ 18,192 $ 40,722 2021 49,093 17,582 31,511 2022 45,894 17,665 28,229 2023 44,861 17,532 27,329 2024 41,968 15,636 26,332 Thereafter 133,883 84,985 48,898 Total minimum lease payments $ 374,613 $ 171,592 $ 203,021 |
Summary of Supplemental Cash Flow Information Related to Lease, Cost | The following table sets forth the supplemental information related to the Company’s operating leases for the year ended December 31, 2020 (in thousands): Year Ended Cash paid for operating lease liabilities $ 58,157 Lease liabilities arising from obtaining right-of-use $ 17,647 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Summary of Total Authorized, Issued, And Outstanding Shares | The following represented the total authorized, issued, and outstanding shares for each class of common stock: As of December 31, 2020 As of December 31, 2019 Authorized Issued Outstanding Authorized Issued Outstanding Common stock: Class A 20,000,000,000 1,542,057,292 1,542,057,292 2,200,000,000 315,615,753 309,223,182 Class B 2,700,000,000 249,077,252 249,077,252 1,800,000,000 272,273,934 272,273,934 Class F 1,005,000 1,005,000 1,005,000 — — — Total 22,701,005,000 1,792,139,544 1,792,139,544 4,000,000,000 587,889,687 581,497,116 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity for the year ended December 31, 2020 (in thousands, except share and per share amounts): Options Weighted- Weighted- Aggregate Balance as of December 31, 2019 497,441,159 $ 4.10 5.81 $ 975,798 Options granted (1) 397,885,337 7.43 Options exercised (120,617,527) 2.48 Options canceled and forfeited (1) (238,942,466) 5.95 Balance as of December 31, 2020 535,766,503 $ 6.12 7.99 $ 9,340,245 Options vested and exercisable as of December 31, 2020 304,428,660 $ 3.67 5.84 $ 6,051,074 (1) re-granted |
Summary of Fair Value Assumptions of Stock-based Option Awards | The estimated grant-date fair value of all the Company’s stock-based option awards was calculated using the Black-Scholes option-pricing model, based on the following assumptions: Years Ended December 31, 2020 (1) 2019 (1) 2018 (1) Fair value of common stock $ 7.60 $ 6.03 $ 6.03 Expected volatility 71.00% 65.00% 65.00% Expected term (in years) 12.04 6.36 6.50 Expected dividend yield —% —% —% Risk-free interest rate 0.64% 1.65% 2.97% (1) |
Summary of RSU Activity | The following table summarizes the RSU activity for the year ended December 31, 2020: RSUs Weighted Average Unvested and outstanding as of December 31, 2019 179,494,619 $ 6.03 RSUs granted 98,667,215 8.15 RSUs vested (82,429,575) 6.45 RSUs canceled (10,862,021) 6.06 Unvested and outstanding at December 31, 2020 184,870,238 $ 6.97 |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Cost of revenue $ 139,627 $ 27,904 $ 19,629 Sales and marketing 398,205 79,215 93,510 Research and development 357,063 67,933 72,039 General and administrative 375,807 66,918 63,325 Total stock-based compensation expense $ 1,270,702 $ 241,970 $ 248,503 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Loss Before Provision (benefit) for Income Taxes | Loss before provision (benefit) for income taxes consisted of the following (in thousands): Years Ended December 31, 2020 2019 2018 United States $ (1,203,682) $ (580,362) $ (558,974) Foreign 24,655 13,091 (11,951) Loss before provision (benefit) for income taxes $ (1,179,027) $ (567,271) $ (570,925) |
Summary of Provision (benefit) for Income Taxes | Provision (benefit) for income taxes consisted of the following (in thousands): Years Ended December 31, 2020 2019 2018 Current: Federal $ — $ — $ — State 500 139 142 Foreign 7,249 19,435 15,945 Total current provision 7,749 19,574 16,087 Deferred: Federal — — — State — — — Foreign (20,385) (7,199) (6,985) Total deferred benefit (20,385) (7,199) (6,985) Total provision (benefit) for income taxes $ (12,636) $ 12,375 $ 9,102 |
Summary of Reconciliation of Effective Income Tax Rate | A reconciliation of the expected tax provision (benefit) at the statutory federal income tax rate to the Company’s recorded tax provision (benefit) consisted of the following (in thousands): Years Ended December 31, 2020 2019 2018 Expected (benefit) at U.S. federal statutory rate $ (247,596) $ (119,127) $ (119,894) State income taxes – net of federal benefit 500 139 142 Foreign tax rate differential (4,131) 25,430 8,028 Research and development tax credits (26,294) (2,106) (4,565) Stock-based compensation (194,730) (6,069) 2,629 Warrants revaluation — — (10,099) Non-deductible 76,093 — — Change in valuation allowance 373,632 112,149 126,395 Other 9,890 1,959 6,466 Total provision (benefit) for income taxes $ (12,636) $ 12,375 $ 9,102 |
Summary of Significant Deferred Tax Assets and Liabilities | Significant deferred tax assets and liabilities consisted of the following (in thousands): As of December 31, 2020 2019 Net operating loss carryforwards $ 853,861 $ 570,583 Reserves and accruals 55,685 36,269 Tax credit carryforwards 68,626 28,459 Stock-based compensation 246,380 181,901 Lease liabilities 57,543 — Depreciation and amortization 28,970 23,709 Gross deferred tax assets 1,311,065 840,921 Right-of-use (48,120) — Total net deferred tax assets before valuation allowance 1,262,945 840,921 Valuation allowance (1,220,093) (819,738) Net deferred tax assets $ 42,852 $ 21,183 |
Summary of Reconciliation of the Gross Unrecognized Tax Benefits | A reconciliation of the gross unrecognized tax benefits consists of the following (in thousands): Years Ended December 31, 2020 2019 2018 Unrecognized tax benefit beginning of year $ 31,702 $ 27,812 $ 18,793 Increases in current year tax positions 43,855 6,301 8,437 Increases in prior year tax positions — 114 582 Decreases in prior year tax positions — (1,829 ) — Decreases in prior year tax positions due to settlements — (696 ) — Decreases in prior year tax positions due to lapse of statute of limitations — — — Unrecognized tax benefit end of year $ 75,557 $ 31,702 $ 27,812 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): As of December 31, 2020 2019 2018 Numerator Net loss $ (1,166,391 ) $ (579,646 ) $ (580,027 ) Less: Accretion of Series H redeemable convertible preferred stock to redemption value — — (18,098 ) Less: Distributed earnings attributable to participating securities — (8,481 ) — Net loss attributable to common stockholders $ (1,166,391 ) $ (588,127 ) $ (598,125 ) Less: Change in fair value attributable to participating securities (5,483 ) — (38,953 ) Net loss attributable to common stockholders, for diluted net loss per share $ (1,171,874 ) $ (588,127 ) $ (637,078 ) Denominator Weighted-average shares used in computing net loss per share, basic 977,721,736 576,958,560 537,280,394 Weighted-average shares used in computing net loss per share, diluted 979,330,067 576,958,560 544,014,393 Net loss per share Net loss per share attributable to common stockholders, basic $ (1.19 ) $ (1.02 ) $ (1.11 ) Net loss per share attributable to common stockholders, diluted $ (1.20 ) $ (1.02 ) $ (1.17 ) |
Summary of Antidilutive Securities | The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted As of December 31, 2020 2019 2018 Redeemable convertible preferred stock — 4,017,378 25,947,422 Convertible preferred stock — 791,252,998 791,263,372 Warrants to purchase redeemable convertible and convertible preferred stock — 21,831,545 22,245,552 Warrants to purchase common stock 19,068,174 993,266 993,266 Options and SARs issued and outstanding 535,791,503 497,541,159 487,299,359 RSUs outstanding 184,870,238 179,494,619 — Growth units outstanding 3,582,674 3,582,674 — Total 743,312,589 1,498,713,639 1,327,748,971 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Each Reportable Segment | Financial information for each reportable segment was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Revenue: Government $ 610,198 $ 345,521 $ 255,131 Commercial 482,475 397,034 340,278 Total revenue $ 1,092,673 $ 742,555 $ 595,409 Years Ended December 31, 2020 2019 2018 Amount % Amount % Amount % Contribution: Government $ 346,937 57% $ 79,606 23% $ 30,963 12% Commercial 247,320 51% 77,575 20% 50,422 15% Total contribution $ 594,257 54% $ 157,181 21% $ 81,385 14% |
Summary of Reconciliation of Segment Financial Information to Loss from Operations | The reconciliation of contribution to loss from operations is as follows (in thousands): Years Ended December 31, 2020 2019 2018 Loss from operations $ (1,173,679 ) $ (576,444 ) $ (623,440 ) Research and development expenses (1) 203,597 237,630 213,412 General and administrative expenses (1) 293,637 254,025 242,910 Stock-based compensation expense 1,270,702 241,970 248,503 Total contribution $ 594,257 $ 157,181 $ 81,385 (1) |
Summary of Revenue by Geography | Geographic Information Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Years Ended December 31, 2020 2019 2018 Amount % Amount % Amount % Revenue: United States $ 573,549 52% $ 295,753 40% $ 208,620 35% United Kingdom 132,427 12% 120,185 16% 121,563 20% France 97,702 9% 76,220 10% 64,427 11% Rest of world (1) 288,995 27% 250,397 34% 200,799 34% Total revenue $ 1,092,673 100% $ 742,555 100% $ 595,409 100% (1) |
Summary of Property and Equipment, Net by Geography | Property and equipment, net is attributed to the Company’s office locations as follows (in thousands, except percentages): As of December 31, 2020 2019 2018 Amount % Amount % Amount % Property and equipment, net: United States 13,268 45% 15,956 51% 14,168 47% United Kingdom 13,325 45% 12,461 39% 14,446 48% Rest of world 2,948 10% 3,172 10% 1,420 5% Total property and equipment, net $ 29,541 100% $ 31,589 100% $ 30,034 100% |
Organization - Additional Infor
Organization - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Common stock, shares authorized | 22,701,005,000 | 4,000,000,000 | ||
Preferred stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 0 |
Common Class A [Member] | ||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Common stock, shares authorized | 20,000,000,000 | 20,000,000,000 | 20,000,000,000 | 2,200,000,000 |
Common Class B [Member] | ||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Common stock, shares authorized | 2,700,000,000 | 2,700,000,000 | 2,700,000,000 | 1,800,000,000 |
Number of shares issued for conversion | 335,000 | |||
Common Class F [Member] | ||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Common stock, shares authorized | 1,005,000 | 1,005,000 | 1,005,000 | 0 |
Common Stock [Member] | ||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Common stock shares issued upon conversion of convertible preferred stock | 797,743,185 | 797,743,185 | ||
Issuance of common stock upon settlement of restricted stock units ("RSUs"), Shares | 68,149,214 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 2,011,323 | $ 1,079,154 | $ 1,116,342 | |
Restricted cash | 37,285 | 52,099 | 10,484 | |
Restricted cash, noncurrent | 79,538 | 270,709 | 140,009 | |
Total cash, cash equivalents, and restricted cash | $ 2,128,146 | $ 1,401,962 | $ 1,266,835 | $ 1,270,180 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 22, 2017 | Jan. 01, 2020 | |
Accounts receivable | $ 156,932,000 | $ 50,315,000 | |||
Allowance for doubtful accounts on trade receivables | 0 | 0 | |||
Equity method investment impairment losses | 0 | 0 | $ 0 | ||
Impairment of long lived assets | 0 | 0 | 0 | ||
Discretionary contribution to employee defined benefit plan | $ 0 | $ 0 | $ 0 | ||
Percentage of tax benefit to be realised from uncertain tax position for recognition in the income statement | 50.00% | ||||
Corporate statutory tax rate | 21.00% | 21.00% | 21.00% | 35.00% | |
Operating lease right-of-use assets | $ 217,075,000 | ||||
Operating lease liabilities | 29,079,000 | ||||
Operating lease liabilities, noncurrent | 229,800,000 | ||||
Emerging growth company gross revenue threshold | $ 1,070,000,000 | ||||
Description of adoption of accounting policy | company status on December 31, 2020 as its annual gross revenue exceeded the EGC revenue criteria of $1.07 billion. As such the Company became subject to new accounting pronouncement effective dates for non-EGC’s | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Operating lease right-of-use assets | $ 234,100,000 | ||||
Operating lease liabilities | 43,300,000 | ||||
Operating lease liabilities, noncurrent | $ 237,200,000 | ||||
Performance Based [Member] | Restricted Stock Units (RSUs) [Member] | Public Listing [Member] | |||||
Share based compensation by share based payment arrangement equity instruments other than options vesting period based on service | 180 days | ||||
Other Assets [Member] | |||||
Capitalized software implementation costs | $ 4,000,000 | ||||
Leasehold Improvements [Member] | |||||
Lease hold improvements estimated useful lives | five years | ||||
Accounts Receivable [Member] | Customer A [Member] | |||||
Percentage Concentration | 38.00% | ||||
Accounts Receivable [Member] | Customer C [Member] | |||||
Percentage Concentration | 21.00% | ||||
Accounts Receivable [Member] | Customer G [Member] | |||||
Percentage Concentration | 13.00% | ||||
Revenue Benchmark [Member] | Customer F [Member] | |||||
Percentage Concentration | 10.00% | ||||
Revenue Benchmark [Member] | Customer D [Member] | |||||
Percentage Concentration | 12.00% | 15.00% | |||
Minimum [Member] | |||||
Equity method investment ownership percentage | 20.00% | ||||
Minimum [Member] | Revenue Benchmark [Member] | |||||
Percentage Concentration | 10.00% | 10.00% | 10.00% | ||
Maximum [Member] | |||||
Equity method investment ownership percentage | 50.00% | ||||
Maximum [Member] | Accounts Receivable [Member] | |||||
Percentage Concentration | 10.00% | 10.00% |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Contract Liabilities, Consist of Total Deferred Revenue and Customer Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities as of beginning balance | $ 794,811 | $ 657,112 |
Billings and other | 839,740 | 898,254 |
Revenue recognized | (1,092,673) | (742,555) |
Refunds accrued or paid to customers | (10,000) | (18,000) |
Contract liabilities as of ending balance | $ 531,878 | $ 794,811 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary Of Contract Liabilities, Consist Of Total Deferred Revenue And Customer Deposits (Parenthetical (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Contract with customer liability billings | $ 839,740 | $ 898,254 |
Palantir Technologies Japan, K.K. [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Contract with customer liability billings | $ 75,000 |
Revenue Recognition - Additiona
Revenue Recognition - Additional information (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Performance obligation | $ 597.4 |
Performance obligation percentage to be recognised as revenue in the next twelve months | 54.00% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | $ 1,149,880 | $ 754,382 | |
Assets held for sale | 0 | 980 | $ 24,008 |
Warrants liability | 0 | 42,628 | $ 76,069 |
Total | 42,628 | ||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 1,075,783 | 650,498 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 74,097 | 102,904 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 980 | ||
Total | 42,628 | ||
Prepaid Expenses and Other Current Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets held for sale | 980 | ||
Prepaid Expenses and Other Current Assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets held for sale | 980 | ||
Warrants Liability [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Warrants liability | 42,628 | ||
Warrants Liability [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Warrants liability | 42,628 | ||
Restricted Cash [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certificates of deposit | 74,097 | 102,904 | |
Restricted Cash [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certificates of deposit | 74,097 | 102,904 | |
Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 1,075,783 | 650,498 | |
Money Market Funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | $ 1,075,783 | $ 650,498 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in the Estimated Fair Value of the Company's Assets Held for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Long Lived Assets Held-for-sale [Line Items] | ||
Balance at the beginning | $ 980 | $ 24,008 |
Sale of assets held for sale | (250) | |
Impairment of assets held for sale | (674) | (23,407) |
Foreign currency adjustments | (56) | 379 |
Balance at the ending | $ 0 | $ 980 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary Of Warrants Liability (Detail) | Sep. 29, 2020 | Dec. 31, 2019 |
Measurement Input, Discount for Lack of Marketability [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 28 | |
Measurement Input, Discount for Lack of Marketability [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 20 | |
Fair Value Of Underlying Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 9.50 | |
Fair Value Of Underlying Securities [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 8.04 | |
Fair Value Of Underlying Securities [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 6.81 | |
Expected Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 66 | 66 |
Risk-free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement Input | 0.1 | 1.3 |
Fair Value Measurements - Discl
Fair Value Measurements - Disclosure Summary Of Changes In Fair Value Of Warrants Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance at the beginning | $ 42,628 | $ 76,069 | |
Net exercises in the period | (10,810) | (33,444) | |
Change in fair value of warrants | (811) | 3 | $ (48,093) |
Reclassification to additional paid-in capital in result of conversion of preferred stock warrants to common stock warrants | 31,007 | ||
Balance at the ending | 0 | $ 42,628 | $ 76,069 |
Conversion Of Preferred Stock Warrants To Common Stock Warrants [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Reclassification to additional paid-in capital in result of conversion of preferred stock warrants to common stock warrants | $ (31,007) |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total property and equipment, gross | $ 117,940 | $ 140,201 |
Less: accumulated depreciation and amortization | (88,399) | (108,612) |
Total property and equipment, net | 29,541 | 31,589 |
Leasehold improvements [Member] | ||
Total property and equipment, gross | 85,196 | 93,530 |
Computer equipment, software, and other [Member] | ||
Total property and equipment, gross | 22,275 | 32,757 |
Furniture and fixtures [Member] | ||
Total property and equipment, gross | 9,976 | 10,753 |
Construction in progress [Member] | ||
Total property and equipment, gross | $ 493 | $ 3,161 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued payroll and related expenses | $ 85,466 | $ 31,355 |
Accrued other liabilities | 73,080 | 95,265 |
Total accrued liabilities | $ 158,546 | $ 126,620 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation And Amortisation Expense Excluding The Impact Of Foreign Exchange Fluctuations | $ 13.9 | $ 12.2 | $ 13.8 |
Equity Method Investments - Add
Equity Method Investments - Additional information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Payments made to acquire equity method investments | $ 2,934 | $ 25,868 | $ 0 | |
Service Credit Utilized | 4,200 | 0 | ||
Palantir Technologies Japan, K.K. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of shares purchased | 100,000 | |||
Payments made to acquire equity method investments | $ 25,000 | |||
Equity method investment ownership percentage | 50.00% | |||
Initial investment recorded | $ 900 | 25,900 | ||
Share of profits or losses recorded | $ (1,700) | |||
Palantir Technologies Japan, K.K. [Member] | License and Service [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
License and services agreement Term | 10 years | |||
Palantir Technologies Japan, K.K. [Member] | Service Credit [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Service Credit recognition expiry period | 5 years | |||
Palantir Technologies Japan, K.K. [Member] | Usage Of Trademark [Member] | License and Service [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amount received in exchange for usage of trademark | 25,000 | |||
Prepayment Amount received | $ 50,000 | |||
SOMPO [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 50.00% | |||
Percentage Of Share Of Profits Or Losses Generated [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Additional Information | The Company’s 50% share of profits or losses generated from Palantir Japan are reported on a quarter lag. |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Principal amount | $ 200,000 | $ 400,000 |
Unamortized discount | (2,023) | (3,935) |
Carrying value of debt | $ 197,977 | $ 396,065 |
Debt - Summary of Future Minimu
Debt - Summary of Future Minimum Payments of Principal on the Companys Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2021 | $ 0 | |
2022 | 0 | |
2023 | 200,000 | |
Total payments | $ 200,000 | $ 400,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Oct. 30, 2014 | Dec. 31, 2019 |
Long-term Debt [Line Items] | ||||||
Debt instrument carrying amount | $ 200,000 | $ 400,000 | $ 400,000 | |||
2014 Revolving Credit Facility [Member] | ||||||
Long-term Debt [Line Items] | ||||||
Line of credit facility commitment fee percentage | 0.375% | |||||
Line of credit maturity date | Dec. 31, 2019 | Jun. 4, 2023 | ||||
Proceeds from debt instrument | 150,000 | |||||
Repayments of lines of credit | $ 150,000 | |||||
Undrawn revolving credit facility amount | 200,000 | |||||
Option to increase total commitments | $ 200,000 | |||||
2014 Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Long-term Debt [Line Items] | ||||||
Line of credit minimum liquidity to be maintained | 50,000 | |||||
2014 Revolving Credit Facility [Member] | Term Loan [Member] | ||||||
Long-term Debt [Line Items] | ||||||
Debt instrument maximum borrowing capacity | 150,000 | |||||
Proceeds from debt instrument | $ 150,000 | 150,000 | ||||
Line of credit, additional borrowing capacity | 50,000 | |||||
Debt instrument, additional borrowing capacity | 50,000 | |||||
Proceeds from long term debt | $ 50,000 | |||||
Repayments of lines of credit | 150,000 | |||||
Debt instrument carrying amount | $ 200,000 | |||||
2014 Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Long-term Debt [Line Items] | ||||||
Line of credit facility variable interest rate spread | 2.75% | |||||
Line of credit facility variable interest rate description | London Interbank Offered Rate (“LIBOR”) plus a margin of 2.75% | |||||
2019 Revolving Credit Facility [Member] | ||||||
Long-term Debt [Line Items] | ||||||
Line of credit facility frequency of payment | Interest was payable at the end of an interest period or at each three-month interval if the interest period was longer than three months. | |||||
Debt instrument maximum borrowing capacity | $ 250,000 | 250,000 | ||||
Percentage of aggregate revolving commitment to be maintained | 50.00% | |||||
Line of credit outstanding | $ 250,000 | $ 250,000 | ||||
2019 Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Long-term Debt [Line Items] | ||||||
Line of credit facility variable interest rate spread | 2.00% | |||||
Line of credit facility variable interest rate description | LIBOR plus a margin of 2.0% per annum |
Leases - Summary Balance Sheet
Leases - Summary Balance Sheet Information Relating to Leases (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Right-of-use assets: | |
Operating lease right-of-use assets | $ 217,075 |
Total right-of-use assets | 217,075 |
Lease liabilities: | |
Operating lease liabilities | 29,079 |
Operating lease liabilities, noncurrent | 229,800 |
Total lease liabilities | $ 258,879 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 53,576 |
Short-term lease expense | 8,942 |
Variable lease expense | 9,433 |
Less:Sublease Income | 19,769 |
Total lease expense | $ 52,182 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 44,630 | |
2022 | 40,099 | |
2023 | 45,085 | |
2024 | 41,629 | |
2025 | 40,066 | |
Thereafter | 124,935 | |
Total undiscounted liabilities | 336,444 | |
Operating Lease Liabilities Leases Not Yet Commenced | (1,082) | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (76,483) | |
Total lease liabilities | 258,879 | |
2021 | 17,582 | |
2022 | 12,418 | |
2023 | 18,288 | |
2024 | 16,407 | |
2025 | 14,210 | |
Thereafter | 71,403 | |
Total undiscounted liabilities | 150,308 | $ 171,592 |
Total | 150,308 | |
2021 | 27,048 | |
2022 | 27,681 | |
2023 | 26,797 | |
2024 | 25,222 | |
2025 | 25,856 | |
Thereafter | 53,532 | |
Total undiscounted liabilities | 186,136 | |
Net Leases Payables Leases Not Yet Commenced | (1,082) | |
Net Lease Payables Undiscounted Excess Amount | (76,483) | |
Total | $ 108,571 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease month of expiry | 2032-03 | ||
Operating lease weighted average remaining lease term | 8 years 18 days | ||
Operating lease weighted average discount rate | 6.34% | ||
Net rent expense | $ 38.5 | $ 43.6 | |
Sublease income | $ 14.8 | $ 13.1 | |
Lease Renewal Option One [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease optional remaining renewal term | 2033-06 | ||
Office Space [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee operating lease not yet commenced year of commencement | 2021 | ||
Lessee operating lease not yet commenced term of contracts | 4 years | ||
Lessee operating lease not yet commenced payments due | $ 1.1 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Leases [Abstract] | |
Cash paid for operating lease liabilities | $ 58,157 |
Lease liabilities arising from obtaining right-of-use assets | $ 17,647 |
Leases - Summary of Future Annu
Leases - Summary of Future Annual Minimum Payments Under Noncancelable Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Future Annual Minimum Payments Under Noncancelable Operating Leases [Line Items] | ||
2020 | $ 58,914 | |
2021 | 49,093 | |
2022 | 45,894 | |
2023 | 44,861 | |
2024 | 41,968 | |
Thereafter | 133,883 | |
Total minimum lease payments | 374,613 | |
2020 | $ 17,582 | |
2021 | 12,418 | |
2022 | 18,288 | |
2023 | 16,407 | |
2024 | 14,210 | |
Thereafter | 71,403 | |
Total minimum lease payments | $ 150,308 | 171,592 |
2020 | 40,722 | |
2021 | 31,511 | |
2022 | 28,229 | |
2023 | 27,329 | |
2024 | 26,332 | |
Thereafter | 48,898 | |
Total minimum lease payments | 203,021 | |
Sub Lease Income Due Next Twelve Months [Member] | ||
Disclosure Of Future Annual Minimum Payments Under Noncancelable Operating Leases [Line Items] | ||
2020 | 18,192 | |
Sub Lease Income Due In Two Years [Member] | ||
Disclosure Of Future Annual Minimum Payments Under Noncancelable Operating Leases [Line Items] | ||
2021 | 17,582 | |
Sub Lease Income Due In Three Years [Member] | ||
Disclosure Of Future Annual Minimum Payments Under Noncancelable Operating Leases [Line Items] | ||
2022 | 17,665 | |
Sub Lease Income Due In Four Years [Member] | ||
Disclosure Of Future Annual Minimum Payments Under Noncancelable Operating Leases [Line Items] | ||
2023 | 17,532 | |
Sub Lease Income Due In Five Years [Member] | ||
Disclosure Of Future Annual Minimum Payments Under Noncancelable Operating Leases [Line Items] | ||
2024 | 15,636 | |
Sub Lease Income Due Thereafter [Member] | ||
Disclosure Of Future Annual Minimum Payments Under Noncancelable Operating Leases [Line Items] | ||
Thereafter | $ 84,985 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||
Letter of credit outstanding amount | $ 322.8 | $ 116.8 | |
Purchase Commitment One [Member] | |||
Loss Contingencies [Line Items] | |||
Minimum annual commitment | $ 1,490 | ||
Long-term Purchase Commitment, Description | If the difference is greater than $30.0 million for each of the first three contract years or $50.0 million for each of the contract years thereafter (“relief amounts”), the Company has the option to pay the respective relief amount for that year for services to be utilized in the future and the excess amount of the difference above the relief amount would be added to the minimum annual commitment of the following year through the end of the contract. | ||
Satisfied purchase commitment | 84.5 | ||
Purchase Commitment For Contract Year One | 126 | ||
Purchase Commitment Two [Member] | |||
Loss Contingencies [Line Items] | |||
Minimum annual commitment | $ 45 | ||
Satisfied purchase commitment | $ 2.8 |
Stockholders' Deficit- Summary
Stockholders' Deficit- Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 22,701,005,000 | 4,000,000,000 | |
Common stock, shares issued | 1,792,139,544 | 587,889,687 | |
Common stock, shares outstanding | 1,792,139,544 | 581,497,116 | |
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 20,000,000,000 | 20,000,000,000 | 2,200,000,000 |
Common stock, shares issued | 1,542,057,292 | 315,615,753 | |
Common stock, shares outstanding | 1,542,057,292 | 309,223,182 | |
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 2,700,000,000 | 2,700,000,000 | 1,800,000,000 |
Common stock, shares issued | 249,077,252 | 272,273,934 | |
Common stock, shares outstanding | 249,077,252 | 272,273,934 | |
Common Class F [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 1,005,000 | 1,005,000 | 0 |
Common stock, shares issued | 1,005,000 | 0 | |
Common stock, shares outstanding | 1,005,000 | 0 |
Stockholders' Deficit- Addition
Stockholders' Deficit- Additional Information (Detail) - USD ($) | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, shares authorized | 22,701,005,000 | 4,000,000,000 | ||
Preferred stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 0 |
Minimum ownership threshold | 100,000,000 | |||
Number of treasury stock | 0 | 6,392,571 | ||
Dividends declared | $ 0 | |||
Common Class A [Member] | ||||
Common stock, shares authorized | 20,000,000,000 | 20,000,000,000 | 20,000,000,000 | 2,200,000,000 |
Number of shares sold in the transaction | 206,500,523 | |||
Sale price per share | $ 4.65 | |||
Proceeds from sale of equity | $ 942,500,000 | |||
Payment of stock issuance cost | $ 17,700,000 | |||
Common Class A [Member] | SOMPO [Member] | ||||
Number of shares sold in the transaction | 107,526,881 | |||
Common Class B [Member] | ||||
Common stock, shares authorized | 2,700,000,000 | 2,700,000,000 | 2,700,000,000 | 1,800,000,000 |
Number of shares issued for conversion | 335,000 | |||
Common Class B [Member] | Redeemable Convertible Preferred Stock [Member] | Direct Listing [Member] | ||||
Number of shares issued for conversion | 4,017,378 | |||
Common Class B [Member] | Convertible preferred stock [Member] | Direct Listing [Member] | ||||
Number of shares issued for conversion | 793,725,807 | |||
Common Class F [Member] | ||||
Common stock, shares authorized | 1,005,000 | 1,005,000 | 1,005,000 | 0 |
Voting power | 50.00% | |||
Undesignated Preferred Stock [Member] | Direct Listing [Member] | ||||
Preferred stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Billions | Jan. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Series I Lead Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Class of warrant or right, expiration month and year | 2025-01 | |||
Common Class B [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding | 8,625,420 | |||
Common Class B [Member] | Series I Lead [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding | 5,211,093 | |||
Exercise price of each warrant | $ 6.13 | |||
Common Class B [Member] | Venture 13 Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding | 814,666 | |||
Exercise price of each warrant | $ 3.51 | |||
Common Class B [Member] | Series I Lead Or Venture Thirteen Warrants [Member] | Maximum [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Class of warrant or right, expiration month and year | 2025-01 | |||
Common Class B [Member] | Series I Lead Or Venture Thirteen Warrants [Member] | Minimum [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Class of warrant or right, expiration month and year | 2021-12 | |||
Common Class B [Member] | Series I IPO [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding | 13,042,415 | |||
Class of warrant or right, expiration month and year | 2023-11 | |||
Warrants and rights outstanding exercise contingency | $ 12.9 | |||
Convertible Preferred Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding | 21,831,545 | |||
Series I Convertible Preferred Stock [Member] | Series I Lead Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Percentage of reduction in number of shares issuable on warrant exercise | 20.00% | |||
Common Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Issuance of common stock upon net exercise of common stock warrants shares | 7,631,329 | 7,631,329 | ||
Warrants issued to purchase shares | 7,632,154 | |||
Exercise price of each warrant | $ 0.001 | |||
Series D Convertible Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants issued to purchase shares | 2,586,208 | |||
Exercise price of each warrant | $ 0.7406 | |||
Stock shares issued during the period share | 2,380,034 |
Stock-Based Compensation - Add
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 31, 2020USD ($)shares | Sep. 30, 2020shares | Aug. 30, 2020shares | Aug. 06, 2020USD ($)shares | Jun. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2018$ / shares | Nov. 30, 2016USD ($)shares | Sep. 30, 2020USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares |
Common shares issuable upon full vesting of the growth units | shares | 1,500,000 | ||||||||||
Cumulative stock-based compensation expense | $ 1,270,702 | $ 241,970 | $ 248,503 | ||||||||
Percentage of outstanding stock maximum | 0.00% | ||||||||||
Options granted in period | shares | 397,885,337 | ||||||||||
Unrecognized share based compensation expense | $ 1,100,000 | $ 1,100,000 | |||||||||
Unrecognized share based compensation expense, period for recognition | 8 years 21 days | ||||||||||
Non option equity instruments outstanding | shares | 3,582,674 | 3,582,674 | |||||||||
Stock-based compensation | $ 1,270,702 | 241,970 | 248,503 | ||||||||
Share based compensation by share based payment arrangement aggregate intrinsic value of stock options excercised during the period | $ 974,200 | $ 90,700 | $ 49,000 | ||||||||
Share based compensation by share based payment arrangement weighted average grant date fair value of stock options granted during the period | $ / shares | $ 2.57 | $ 3.67 | $ 3.81 | ||||||||
Share based compensation by share based payment arrangement total grant date fair value of stock options vested during the period | $ 214,700 | $ 229,400 | $ 221,200 | ||||||||
Income tax benefit | (12,636) | 12,375 | 9,102 | ||||||||
Stock Based Compensation Expense | |||||||||||
Income tax benefit | $ 18,200 | $ 6,400 | 6,000 | ||||||||
2020 Executive Equity Incentive Plan [Member] | |||||||||||
Shares reserved for future issuance | shares | 165,900,000 | ||||||||||
Options granted in period | shares | 162,000,000 | ||||||||||
2020 Extended Exercisability [Member] | |||||||||||
Share based compensation arrangement by share based payment award plan modification | shares | 57,659,626 | ||||||||||
Share based payment award expiration period and option contractual term | 5 months 19 days | ||||||||||
Share-based payment arrangement, plan modification, incremental cost | $ 9,900 | ||||||||||
2019 Extended Exercisability [Member] | |||||||||||
Share based compensation arrangement by share based payment award plan modification | shares | 26,040,393 | ||||||||||
Share based payment award expiration period and option contractual term | 10 months 24 days | ||||||||||
Share-based payment arrangement, plan modification, incremental cost | $ 5,600 | ||||||||||
2010 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting For Change in Control, Award Vesting Rights, Percentage | 0.25 | ||||||||||
2020 Equity Incentive Plan [Member] | |||||||||||
Percentage of ownership | 10.00% | 10.00% | |||||||||
Shares reserved for future issuance | shares | 150,000,000 | 150,000,000 | |||||||||
Share based payment award expiration period and option contractual term | 5 years | ||||||||||
Employee Director [Member] | |||||||||||
Payments related to tax withholding | $ 800 | ||||||||||
Due to employees director current | $ 4,000 | 4,000 | |||||||||
Stock-based compensation | 4,500 | ||||||||||
Employee Director [Member] | Non Recourse Promissory Notes [Member] | |||||||||||
Percentage of fixed interest | 1.50% | ||||||||||
Debt instrument, face amount | $ 25,900 | ||||||||||
Settlement of Employee Loan | $ 26,600 | ||||||||||
Stock repurchased and retired during period, shares | shares | 3,500,000 | ||||||||||
Debt instrument decrease forgiveness | $ 800 | ||||||||||
Employee Director [Member] | Non Recourse Promissory Notes [Member] | Pledged Collateral [Member] | |||||||||||
Number of common stock held as collateral | shares | 10,500,000 | ||||||||||
June 2020 Reprice [Member] | |||||||||||
Share-based payment arrangement, plan modification, incremental cost | $ 22,900 | $ 74,000 | 8,300 | ||||||||
Number of shares repriced | shares | 235,885,337 | ||||||||||
Remaining contractual term of repriced options | 10 years | ||||||||||
June 2020 Reprice [Member] | Exercise Price of Repriced Options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Term | $ / shares | $ 4.72 | ||||||||||
Two Thousand And Eighteen Reprice [Member] | |||||||||||
Remaining contractual term of repriced options | 10 years | ||||||||||
Two Thousand And Eighteen Reprice [Member] | Exercise Price of Repriced Options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Term | $ / shares | $ 6.03 | ||||||||||
Two Thousand And Eighteen Reprice [Member] | Employees [Member] | |||||||||||
Stock-based compensation | 11,900 | 18,200 | 44,600 | ||||||||
Share-based payment arrangement, plan modification, incremental cost | $ 7,800 | $ 43,700 | |||||||||
Two Thousand And Eighteen Reprice [Member] | Employees [Member] | Exercise Price of Repriced Options [Member] | |||||||||||
Share based compensation arrangement by share based payment award plan modification | shares | 158,646,785 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Term | $ / shares | $ 6.03 | ||||||||||
Two Thousand And Nineteen Reprice [Member] | |||||||||||
Unrecognized share based compensation expense | 900 | ||||||||||
Stock-based compensation | $ 9,200 | ||||||||||
Two Thousand And Nineteen Reprice [Member] | Employee Director [Member] | |||||||||||
Share based compensation arrangement by share based payment award plan modification | shares | 13,401,568 | ||||||||||
Share-based payment arrangement, plan modification, incremental cost | $ 2,000 | ||||||||||
Remaining contractual term of repriced options | 10 years | ||||||||||
Two Thousand And Nineteen Reprice [Member] | Employee Director [Member] | Exercise Price of Repriced Options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Term | $ / shares | $ 6.03 | ||||||||||
Minimum [Member] | 2020 Equity Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | 110.00% | |||||||||
Common Class A [Member] | 2020 Equity Incentive Plan [Member] | |||||||||||
Share-based payment award, number of additional shares authorized | shares | 250,000,000 | ||||||||||
Share based payment award expiration period and option contractual term | 10 years | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Cumulative stock-based compensation expense | $ 769,500 | ||||||||||
Share based payment award vesting period | 5 years | ||||||||||
Unrecognized share based compensation expense | $ 873,500 | $ 873,500 | |||||||||
Unrecognized share based compensation expense, period for recognition | 3 years 2 months 12 days | ||||||||||
Stock-based compensation | $ 940,000 | ||||||||||
Equity Instruments Other than Options, Grants in Period | shares | 98,667,215 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 531,900 | ||||||||||
Restricted Stock Units (RSUs) [Member] | 2020 Executive Equity Incentive Plan [Member] | |||||||||||
Equity Instruments Other than Options, Grants in Period | shares | 3,900,000 | ||||||||||
Growth units [Member] | |||||||||||
Unrecognized share based compensation expense | $ 1,200 | 1,200 | |||||||||
Stock-based compensation | $ 8,400 | $ 9,600 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Beginning Balance of Options Outstanding | 497,441,159 | |
Options granted | 397,885,337 | |
Options exercised | (120,617,527) | |
Options canceled and forfeited | (238,942,466) | |
Ending Balance of Options Outstanding | 535,766,503 | 497,441,159 |
Options vested and exercisable as of December 31, 2020 | 304,428,660 | |
Beginning Balance of Weighted-Average Exercise Price Per Share | $ 4.10 | |
Options granted | 7.43 | |
Options exercised | 2.48 | |
Options canceled and forfeited | 5.95 | |
Ending Balance of Weighted-Average Exercise Price Per Share | 6.12 | $ 4.10 |
Options vested and exercisable as of December 31, 2020 | $ 3.67 | |
Weighted- Average Remaining Contractual Life (years) | 7 years 11 months 26 days | 5 years 9 months 21 days |
Options vested and exercisable as of December 31, 2020 | 5 years 10 months 2 days | |
Beginning Balance of Aggregate Intrinsic Value | $ 975,798 | |
Ending Balance of Aggregate Intrinsic Value | $ 9,340,245 | |
Options vested and exercisable as of December 31, 2020 | $ 6,051,074 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Fair Value Assumptions of Stock-based Option Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Fair value of common stock | $ 7.60 | $ 6.03 | $ 6.03 |
Expected volatility | 71.00% | 65.00% | 65.00% |
Expected term (in years) | 12 years 14 days | 6 years 4 months 9 days | 6 years 6 months |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 0.64% | 1.65% | 2.97% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested and Outstanding Beginning Balance | shares | 179,494,619 |
RSUs granted | shares | 98,667,215 |
RSUs vested | shares | (82,429,575) |
RSUs canceled | shares | (10,862,021) |
Unvested and Outstanding Ending Balance | shares | 184,870,238 |
Weighted Average Grant Date Fair Value per Share Beginning Balance | $ / shares | $ 6.03 |
RSUs granted | $ / shares | 8.15 |
RSUs vested | $ / shares | 6.45 |
RSUs canceled | $ / shares | 6.06 |
Weighted Average Grant Date Fair Value per Share Ending Balance | $ / shares | $ 6.97 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 1,270,702 | $ 241,970 | $ 248,503 |
Cost of revenue [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 139,627 | 27,904 | 19,629 |
Sales and marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 398,205 | 79,215 | 93,510 |
Research and development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 357,063 | 67,933 | 72,039 |
General and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 375,807 | $ 66,918 | $ 63,325 |
Income Taxes - Summary of Loss
Income Taxes - Summary of Loss Before Provision (benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Income Loss Before Provision For Income Taxes [Line Items] | |||
Loss before provision (benefit) for income taxes | $ (1,179,027) | $ (567,271) | $ (570,925) |
United States [Member] | |||
Schedule of Income Loss Before Provision For Income Taxes [Line Items] | |||
Loss before provision (benefit) for income taxes | (1,203,682) | (580,362) | (558,974) |
Foreign [Member] | |||
Schedule of Income Loss Before Provision For Income Taxes [Line Items] | |||
Loss before provision (benefit) for income taxes | $ 24,655 | $ 13,091 | $ (11,951) |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision (benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 500 | 139 | 142 |
Foreign | 7,249 | 19,435 | 15,945 |
Total current provision | 7,749 | 19,574 | 16,087 |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | (20,385) | (7,199) | (6,985) |
Total deferred benefit | (20,385) | (7,199) | (6,985) |
Total provision (benefit) for income taxes | $ (12,636) | $ 12,375 | $ 9,102 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Effective Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Expected (benefit) at U.S. federal statutory rate | $ (247,596) | $ (119,127) | $ (119,894) |
State income taxes - net of federal benefit | 500 | 139 | 142 |
Foreign tax rate differential | (4,131) | 25,430 | 8,028 |
Research and development tax credits | (26,294) | (2,106) | (4,565) |
Stock-based compensation | (194,730) | (6,069) | 2,629 |
Warrants revaluation | 0 | 0 | (10,099) |
Non-deductible officers' compensation | 76,093 | 0 | 0 |
Change in valuation allowance | 373,632 | 112,149 | 126,395 |
Other | 9,890 | 1,959 | 6,466 |
Total provision (benefit) for income taxes | $ (12,636) | $ 12,375 | $ 9,102 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Net operating loss carryforwards | $ 853,861 | $ 570,583 |
Reserves and accruals | 55,685 | 36,269 |
Tax credit carryforwards | 68,626 | 28,459 |
Stock-based compensation | 246,380 | 181,901 |
Lease liabilities | 57,543 | 0 |
Depreciation and amortization | 28,970 | 23,709 |
Gross deferred tax assets | 1,311,065 | 840,921 |
Right-of-use assets | (48,120) | 0 |
Total net deferred tax assets before valuation allowance | 1,262,945 | 840,921 |
Valuation allowance | (1,220,093) | (819,738) |
Net deferred tax assets | $ 42,852 | $ 21,183 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Unrecognized tax benefits | $ 75.6 | $ 31.7 | $ 27.8 |
Expected increase in unrecognized tax benefits | 0 | ||
Expected decrease in unrecognized tax benefits | 0 | ||
Domestic Tax Authority [Member] | |||
Operating loss carryforwards | 1,500 | 1,100 | |
Operating loss carryforwards, not subject to expiration | 2,000 | ||
Deferred tax assets, tax credit carryforwards, research | 85.1 | 32.5 | |
Domestic Tax Authority [Member] | California Franchise Tax Board [Member] | |||
Deferred tax assets, tax credit carryforwards, research | 66 | 30.9 | |
State and Local Jurisdiction [Member] | |||
Operating loss carryforwards | $ 3,600 | $ 2,400 |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation of the Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefit beginning of year | $ 31,702 | $ 27,812 | $ 18,793 |
Increases in current year tax positions | 43,855 | 6,301 | 8,437 |
Increases in prior year tax positions | 0 | 114 | 582 |
Decreases in prior year tax positions | 0 | (1,829) | 0 |
Decreases in prior year tax positions due to settlements | 0 | (696) | 0 |
Decreases in prior year tax positions due to lapse of statute of limitations | 0 | 0 | 0 |
Unrecognized tax benefit end of year | $ 75,557 | $ 31,702 | $ 27,812 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Summary of Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | |||
Net loss | $ (1,166,391) | $ (579,646) | $ (580,027) |
Less: Accretion of Series H redeemable convertible preferred stock to redemption value | (18,098) | ||
Less: Distributed earnings attributable to participating securities | (8,481) | ||
Net loss attributable to common stockholders | (1,166,391) | (588,127) | (598,125) |
Less: Change in fair value attributable to participating securities | (5,483) | (38,953) | |
Net loss attributable to common stockholders, for diluted net loss per share | $ (1,171,874) | $ (588,127) | $ (637,078) |
Denominator | |||
Weighted-average shares used in computing net loss per share, basic | 977,721,736 | 576,958,560 | 537,280,394 |
Weighted-average shares used in computing net loss per share, diluted | 979,330,067 | 576,958,560 | 544,014,393 |
Net loss per share | |||
Net loss per share attributable to common stockholders, basic | $ (1.19) | $ (1.02) | $ (1.11) |
Net loss per share attributable to common stockholders, diluted | $ (1.20) | $ (1.02) | $ (1.17) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 743,312,589 | 1,498,713,639 | 1,327,748,971 |
Redeemable Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 4,017,378 | 25,947,422 |
Convertible preferred stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 791,252,998 | 791,263,372 |
Warrants to purchase redeemable convertible and convertible preferred stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 21,831,545 | 22,245,552 |
Warrants to purchase common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 19,068,174 | 993,266 | 993,266 |
Options and SARs issued and outstanding [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 535,791,503 | 497,541,159 | 487,299,359 |
RSUs outstanding [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 184,870,238 | 179,494,619 | 0 |
Growth units outstanding [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 3,582,674 | 3,582,674 | 0 |
Segment and Geographic Inform_3
Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - Operating Segments [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,092,673 | $ 742,555 | $ 595,409 |
Contribution | $ 594,257 | $ 157,181 | $ 81,385 |
Concentration risk, percentage | 54.00% | 21.00% | 14.00% |
Government [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 610,198 | $ 345,521 | $ 255,131 |
Contribution | $ 346,937 | $ 79,606 | $ 30,963 |
Concentration risk, percentage | 57.00% | 23.00% | 12.00% |
Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 482,475 | $ 397,034 | $ 340,278 |
Contribution | $ 247,320 | $ 77,575 | $ 50,422 |
Concentration risk, percentage | 51.00% | 20.00% | 15.00% |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of Reconciliation of Segment Financial Information to Loss from Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Stock-based compensation expense | $ 1,270,702 | $ 241,970 | $ 248,503 |
Loss from operations | (1,173,679) | (576,444) | (623,440) |
Reconciling items | |||
Segment Reporting Information [Line Items] | |||
Research and development expenses | 203,597 | 237,630 | 213,412 |
General and administrative expenses | 293,637 | 254,025 | 242,910 |
Stock-based compensation expense | 1,270,702 | 241,970 | 248,503 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Contribution | $ 594,257 | $ 157,181 | $ 81,385 |
Segment and Geographic Inform_5
Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,092,673 | $ 742,555 | $ 595,409 |
Geographic Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,092,673 | $ 742,555 | $ 595,409 |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% |
United States [Member] | Geographic Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 573,549 | $ 295,753 | $ 208,620 |
Concentration risk, percentage | 52.00% | 40.00% | 35.00% |
United Kingdom [Member] | Geographic Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 132,427 | $ 120,185 | $ 121,563 |
Concentration risk, percentage | 12.00% | 16.00% | 20.00% |
France [Member] | Geographic Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 97,702 | $ 76,220 | $ 64,427 |
Concentration risk, percentage | 9.00% | 10.00% | 11.00% |
Rest of world [Member] | Geographic Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 288,995 | $ 250,397 | $ 200,799 |
Concentration risk, percentage | 27.00% | 34.00% | 34.00% |
Segment and Geographic Inform_6
Segment and Geographic Information - Summary of Revenue by Geography (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue Benchmark [Member] | Minimum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Segment and Geographic Inform_7
Segment and Geographic Information - Summary of Property and Equipment, Net by Geography (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Property and equipment, net | $ 29,541 | $ 31,589 | |
Property, Plant and Equipment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Property and equipment, net | $ 29,541 | $ 31,589 | $ 30,034 |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% |
Property, Plant and Equipment [Member] | United States [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Property and equipment, net | $ 13,268 | $ 15,956 | $ 14,168 |
Concentration risk, percentage | 45.00% | 51.00% | 47.00% |
Property, Plant and Equipment [Member] | United Kingdom [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Property and equipment, net | $ 13,325 | $ 12,461 | $ 14,446 |
Concentration risk, percentage | 45.00% | 39.00% | 48.00% |
Property, Plant and Equipment [Member] | Rest of world [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Property and equipment, net | $ 2,948 | $ 3,172 | $ 1,420 |
Concentration risk, percentage | 10.00% | 10.00% | 5.00% |